8-K - Alerus Financial Corporation | StockGist

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Alerus Financial Corporation extended the maturity of its $50 million Subordinated Note due 2031 to 2036 and modified interest rate and prepayment terms via a Modification Agreement with Bank of North Dakota.

Key Takeaways

1Extended maturity of $50M Subordinated Note from March 30, 2031 to March 30, 2036.

2Fixed interest rate remains 6.75% until March 30, 2031; resets thereafter to FHLB Des Moines 5-year advance rate + 3.00%.

3Note redeemable on or after March 30, 2031, or upon certain events.

4Outstanding principal $50M; total outstanding including accrued interest $51,769,444.44 as of March 30, 2026.

5Original note issued March 30, 2021 for general corporate purposes including regulatory capital support.

Current Report Details

Event Type

Material Agreement

Financing

Exhibits Only

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

. ** **Entry into a Material Definitive Agreement.** As previously disclosed in a Current Report on Form 8-K, on March 30, 2021, Alerus Financial Corporation (t

Material Agreement

$50.0M

Source Document

2.03

. **Cautionary Note Regarding Forward-Looking Statements** This report contains “forward-looking statements” within the meaning of the safe harbor provisions of

Financing

9.01

.** **Financial Statements and Exhibits.** **(d) Exhibits** | Exhibit No. | | Description | |---|---|---| | | | | | 10.1 | | Modification Agreement by and betwe

Exhibits Only

Transaction Details

Material Agreement

Agreement: Modification Agreement
Parties: Alerus Financial Corporation, Bank of North Dakota

•Maturity extended to March 30, 2036
•Interest rate 6.75% until March 30, 2031 then FHLB Des Moines 5-year advance rate + 3.00%
•Redeemable on or after March 30, 2031 or upon certain events

Debt / Financing

Instrument: Subordinated Note
Principal: 50000000
Rate: 6.75% fixed until 2031, then 5-year FHLB Des Moines advance rate + 3.00%
Maturity: 2036-03-30

Exhibits (2)

10.1

EXHIBIT 10.1

8-K

FORM 8-K