Alerus Financial Corporation ESOP Valuation
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.
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