GRAND FORKS, ND (April 12, 2013) – Alerus Financial Corporation (the “Company”) received a valuation of Company common stock held by the Alerus Financial Employee Stock Ownership Plan (“ESOP”). The Company is required to obtain a valuation annually for the use in administering the ESOP. The ESOP, created in 1986, currently owns 439,384, or 9.67%, of the shares outstanding from the Company. The ESOP valuation as of December 31, 2012 was $42.30/share.
Below is a 5-year history of our ESOP per share valuation as of the end of each year:
Valuation per Share
The independent ESOP appraiser utilized three general approaches to the valuation: the adjusted tangible equity approach, the market approach, and the income approach. The methodologies within each approach were ultimately utilized to derive the conclusion of value.
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.