<SEC-DOCUMENT>0000903419-15-000004.txt : 20151228
<SEC-HEADER>0000903419-15-000004.hdr.sgml : 20151225
<ACCEPTANCE-DATETIME>20151228172836
ACCESSION NUMBER:		0000903419-15-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		<ITEMS>06b
FILED AS OF DATE:		20151228
DATE AS OF CHANGE:		20151228
EFFECTIVENESS DATE:		20151228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALERUS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000903419
		IRS NUMBER:				450375407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-253965
		FILM NUMBER:		151309956

	BUSINESS ADDRESS:	
		STREET 1:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58201
		BUSINESS PHONE:		7017953200

	MAIL ADDRESS:	
		STREET 1:		PO BOX 6001
		STREET 2:		401 DEMERS AVE
		CITY:			GRAND FORKS
		STATE:			ND
		ZIP:			58206-6001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST NATIONAL CORP NORTH DAKOTA
		DATE OF NAME CHANGE:	19980312
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0707</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000903419</cik>
        <entityName>ALERUS FINANCIAL CORP</entityName>
        <issuerAddress>
            <street1>401 DEMERS AVE</street1>
            <city>GRAND FORKS</city>
            <stateOrCountry>ND</stateOrCountry>
            <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
            <zipCode>58201</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>7017953200</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>FIRST NATIONAL CORP NORTH DAKOTA</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randy</firstName>
                <middleName>L.</middleName>
                <lastName>Newman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman of the Board, President and Chief Executive Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <middleName>M.</middleName>
                <lastName>Bohn</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lloyd</firstName>
                <middleName>G.</middleName>
                <lastName>Case</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harold</firstName>
                <middleName>A.</middleName>
                <lastName>Gershman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>A.</firstName>
                <middleName>Bart</middleName>
                <lastName>Holaday</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName>J.</middleName>
                <lastName>Karley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>D.</middleName>
                <lastName>Lemke</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Sally</firstName>
                <middleName>J.</middleName>
                <lastName>Smith</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Galen</firstName>
                <middleName>G.</middleName>
                <lastName>Vetter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Dan</firstName>
                <middleName>J.</middleName>
                <lastName>Cheever</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kris</firstName>
                <middleName>E.</middleName>
                <lastName>Compton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operating Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jay</firstName>
                <middleName>L.</middleName>
                <lastName>Kim</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>401 Demers Avenue</street1>
                <city>Grand Forks</city>
                <stateOrCountry>ND</stateOrCountry>
                <stateOrCountryDescription>NORTH DAKOTA</stateOrCountryDescription>
                <zipCode>58201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Vice President, General Counsel and Director of Corporate Development</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000903419-15-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2015-12-17</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Sandler, O'Neill &amp; Partners, L.P.</recipientName>
                <recipientCRDNumber>23328</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1251 Avenue of the Americas</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10020</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Raymond James &amp; Associates, Inc.</recipientName>
                <recipientCRDNumber>705</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>880 Carillon Parkway</street1>
                    <city>St. Petersburg</city>
                    <stateOrCountry>FL</stateOrCountry>
                    <stateOrCountryDescription>FLORIDA</stateOrCountryDescription>
                    <zipCode>33716</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>50000000</totalOfferingAmount>
            <totalAmountSold>50000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>17</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>625000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ALERUS FINANCIAL CORP</issuerName>
                <signatureName>Jay L. Kim</signatureName>
                <nameOfSigner>Jay L. Kim</nameOfSigner>
                <signatureTitle>EVP, General Counsel and Director of Corporate Development</signatureTitle>
                <signatureDate>2015-12-23</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
