Alerus Financial Corporation (Nasdaq: ALRS) (the “Company”) announced that, effective May 10, 2022, Dan Coughlin was appointed by the Board of Directors to serve as Chairman of the Board.

Mr. Coughlin replaces former Alerus Chairman, President, and Chief Executive Officer, Randy Newman, who served as Executive Chairman of the Board since Jan. 1, 2022, to support the leadership transition to current President and Chief Executive Officer Katie Lorenson. Mr. Newman will remain as a director of the Company.

“It has been one of the greatest honors of my life to lead and grow Alerus. This company will forever mean so much to me, and I know Katie shares this same passion,” said Mr. Newman. “I am grateful to our Board of Directors, who with thoughtful leadership and preparation, carefully planned for my succession. Over the past six months, Katie and I have worked closely together to ensure a seamless progression in leadership. This final transition of me remaining on the board as a director comes at the right time. Dan and Katie are both proven leaders and accomplished executives who will no doubt successfully carry this company forward.”

“Randy’s tenure and legacy has positively shaped our Company. With a culture focused on high performance, serving clients’ best interests, and always doing the right thing, we will continue to build on the strong foundation already in place,” said Ms. Lorenson. “I appreciate our board’s leadership to carefully plan for this transition. Dan is a highly qualified board executive who shares Alerus’ values and, together, we will advance the company’s strategic plan to grow both organically and through strategic acquisitions.”

Mr. Coughlin, a director of the Company since January 2016, served as the Managing Director and Co-Head of the Financial Services practice at Raymond James & Associates from 2011 until his retirement in 2014. Beginning in 2001, Mr. Coughlin served as Chairman and CEO of Howe Barnes Hoefer & Arnett prior to its 2011 merger with Raymond James and served eight additional years with Howe Barnes Hoefer & Arnett in various capacities. Mr. Coughlin also spent seven years with the Federal Reserve Bank of Chicago where he assessed the competitive implications of bank mergers and acquisitions. As an industry veteran with over 40 years of financial services experience, Mr. Coughlin has knowledge and experience in areas such as strategic planning, risk management, mergers and acquisitions, and capital formation.

About Alerus Financial Corporation

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, ND. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments — banking, retirement and benefits services, wealth management, and mortgage. Alerus provides clients with a primary point of contact to help fully understand the unique needs and delivery channel preferences of each client. Clients are provided with competitive products, valuable insight, and sound advice supported by digital solutions designed to meet the clients’ needs. Alerus Financial banking and wealth management offices are in Grand Forks and Fargo, ND, the Minneapolis-St. Paul, MN metropolitan area and Scottsdale and Mesa, AZ. Alerus Retirement and Benefits plan administration offices are in St. Paul, MN, East Lansing, MI, and Littleton, CO.

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