GRAND FORKS, ND (November 5, 2012) – Alerus Financial Corporation successfully completed the purchase of 36,129 shares (0.8%) of its common stock through a tender offer to all of its shareholders. Pursuant to the terms of the tender offer, the final price per share was $31.14, resulting in an aggregate purchase price of $1,125,057. As provided for in the tender offer, Alerus Financial Corporation assigned the right to purchase the tendered shares to the Alerus Financial Employee Stock Ownership Plan (ESOP). As a result, the company was able to provide an opportunity for shareholders to sell their shares without reducing its total capital or number of outstanding shares, preserving capital to support the company's operations and strategic objectives.
To date, the Alerus Financial ESOP owns 9.7% of total outstanding shares. “The ESOP is important because it positions our employees to have a vested interest in the success of our company,” said Alerus Financial Corporation Chairman, President, and Chief Executive Officer Randy Newman. “As owners, our employees share in the financial success of the company, but more importantly, the intrinsic benefits associated with being an owner. A long held belief within our company is that when employees think like owners, their actions and decisions not only benefit the best interests of serving our customers, but also our company.”
About Alerus Financial Corporation:
Alerus Financial Corporation is a diversified financial services company providing commercial and consumer banking, residential mortgage, insurance, trust, securities brokerage, investment advisory, and retirement plan administration, recordkeeping and advisory products and services, through its wholly owned subsidiary bank, Alerus Financial, N.A., and its affiliates Alerus Investment Advisors Corporation and Alerus Securities Corporation, with banking offices in North Dakota’s Red River Valley, Minnesota’s Twin Cities, and Scottsdale, Arizona.