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Alerus names Katie Lorenson as next president, CEO

Kelly Busche//September 20, 2021//

Katie Lorenson is currently the Alerus’ executive vice president and chief financial officer. (Submitted photo: Alerus Financial Corp.)

Katie Lorenson is currently the Alerus’ executive vice president and chief financial officer. (Submitted photo: Alerus Financial Corp.)

Alerus names Katie Lorenson as next president, CEO

Kelly Busche//September 20, 2021//

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Alerus Financial Corp. announced Monday that Katie Lorenson will be the financial service company’s next president and CEO.

Effective at the beginning of 2022, Lorenson will also join the board of directors for the Grand Forks-based company. She is currently the company’s executive vice president and chief financial officer. Alerus’ current President, CEO and Chairman Randy Newman will help transition the role to ensure a seamless transfer of leadership, according to a news release.

“Katie is a proven leader and seasoned executive with a deep understanding and passion for our business,” Newman said in the release. “… Katie brings relentless focus to executing our strategic plan and building our business, by attracting, retaining, and developing employees and growing the Company. She has a proven track record of leadership, successfully integrating acquisitions and aligning resources for growth. The Company is well-positioned for continued success, and I have full confidence that Katie will continue to advance our Company.”

Through its subsidiary, Alerus Financial, N.A., Alerus provides financial services to businesses and consumers through four business segments that include banking, retirement and benefit services, wealth management, and mortgage. It has offices in Grand Forks, North Dakota; Fargo, North Dakota; the Twin Cities; Scottsdale, Arizona; Mesa, Arizona; East Lansing, Michigan; and Littleton, Colorado.

Lorenson currently leads Alerus’ business segments. Additionally, she led the company’s initial public offering in 2019 and is integral to the company’s consistently strong financial results since it began trading on the NASDAQ, the release said.

Prior to joining Alerus in late 2017, she served as chief financial officer for a publicly traded regional financial institution as well as for a large, privately held financial institution. Prior to these roles, Lorenson served as manager on RSM US LLP’s financial institutions team, the release said.

“I am deeply honored to have the opportunity to succeed Randy and lead Alerus as we continue our path to positively impact our clients’ financial potential,” Lorenson said in the release. “Together with the Alerus leadership team and our employees, I plan to continue building on the strong foundation already in place. I look forward to working with Randy in his role as Executive Chairman as we grow the Company by executing our strategic mission to deliver holistic advice, with unparalleled service, and engaging technology.”

Newman joined Alerus, formerly known as First National Bank North Dakota, in 1981. He became president in 1987 and later CEO in 1995, according to the release.

During his tenure, Alerus successfully navigated the 1997 flood in Grand Forks, the 2008 Great Recession and the ongoing COVID-19 pandemic. He helped the company expand outside of North Dakota and enter new business lines of retirement, benefits and payroll services. This led to a long-term expansion, including 24 acquisitions, the release said.

“Leading and growing Alerus is one of the greatest honors of my life. I’m proud of the company we’ve built, humbled by the talented people I’ve worked alongside, and pleased with all we’ve achieved,” Newman said in the release. “This transition comes at the right time. With an experienced management team, key strategic investments in technology, engaged employees, and a diversified revenue stream, we are well-positioned for our continued momentum to serve our clients as trusted financial advisors and in turn, create long-term shareholder value.”

Dan Coughlin, lead independent director of the company’s board of directors, said the board agreed Lorenson is the right person to lead Alerus.

“Her ability to envision the future and set strategy combined with her deep commitment to Alerus employees and clients are widely known and respected within the Company. We believe she will maintain continuity and further position the Company for continued success,” he said in the release.

Coughlin also thanked Newman for his service, saying he “instilled a high performing culture focused on working in the clients’ best interests and always doing the right thing.” He added that annual net income grew from $5.1 million in 1995 to $44.7 million in 2020 during Newman’s tenure, according to the release.

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