<SEC-DOCUMENT>0001558370-20-014146.txt : 20201202
<SEC-HEADER>0001558370-20-014146.hdr.sgml : 20201202
<ACCEPTANCE-DATETIME>20201202160051
ACCESSION NUMBER:		0001558370-20-014146
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201202
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201202
DATE AS OF CHANGE:		20201202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALERUS FINANCIAL CORP
		CENTRAL INDEX KEY:			0000903419
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				450375407
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39036
		FILM NUMBER:		201363751

	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>8-K
<SEQUENCE>1
<FILENAME>tmb-20201202x8k.htm
<DESCRIPTION>8-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 12/2/2020 09:00:44 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;padding-top:1pt;text-align:center;text-indent:0pt;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">WASHINGTON, DC 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">FORM&#160;8-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT PURSUANT TO</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">SECTION&#160;13 OR 15(d)&#160;OF THE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="white-space:pre-wrap;">Date of report (Date of earliest event reported):  </font><b style="font-weight:bold;">December&#160;2, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Alerus Financial Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="white-space:pre-wrap;"> (Exact Name of Registrant as Specified in Charter)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">001-39036</b></p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">45-0375407</b></p></td></tr><tr><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(State or Other Jurisdiction of </p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(Commission File Number)</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(IRS Employer Identification No.)</p></td></tr><tr><td style="vertical-align:top;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Incorporation)</p></td><td style="vertical-align:top;width:1.99%;margin:0pt;padding:0pt;"><p 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Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="white-space:pre-wrap;"> (Former Name or Former Address, if Changed Since Last Report.)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<i style="font-style:italic;">see</i> General Instruction A.2. below):</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times 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Roman','Times','serif';font-size:11pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:8pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman';">&#9723;</font>&#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="font-size:8pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><font style="font-family:'Times New Roman';">&#9723;</font>&#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:37.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:top;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:16.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Trading symbol</b></p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:41.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Name of each exchange on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:37.47%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Common Stock, $1.00 par value per share</p></td><td style="vertical-align:top;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.65%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">ALRS</p></td><td style="vertical-align:top;width:2.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:41.37%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">The Nasdaq Stock Market LLC</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule&#160;12b&#8211;2 of the Securities Exchange Act of 1934 (&#167; 240.12b&#8211;2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Emerging growth company&#160;<font style="font-family:'Times New Roman';">&#8999;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;<font style="font-family:'Times New Roman';">&#9723;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:8pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;padding-top:1pt;text-align:justify;text-indent:36pt;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:0pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="font-size:0pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:bold;text-align:left;">Item 8.01.</b></font>Other Events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On December 2, 2020, Alerus Financial Corporation (&#8220;Alerus&#8221;) announced it has entered into a definitive agreement to acquire Retirement Planning Services, Inc. (&#8220;RPS&#8221;), which does business as RPS Plan Administrators and 24HourFlex. RPS provides retirement and health benefits administration for more than 1,000 plans, 48,000 plan participants, 300 COBRA clients, and 10,000 COBRA members, and brings more than 30 years of experience to Alerus&#8217; robust retirement and health benefits services division. RPS is based in Littleton, Colorado, which expands Alerus&#8217; geographic footprint to the Rocky Mountain region. A copy of the press release announcing that Alerus entered into a definitive agreement to acquire RPS is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:bold;text-align:left;">Item&#160;9.01.</b></font>Financial Statements and Exhibits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">(d)&#160; Exhibits</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:10%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:87.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:27.55pt;"><td style="vertical-align:bottom;width:10%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:27.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit&#160;<br>No.</b></p></div></div></td><td style="vertical-align:bottom;width:1.99%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><div style="height:27.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">&#160;&#160;&#160;</b></p></div></div></td><td style="vertical-align:bottom;width:87.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:27.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Description</b></p></div></div></td></tr><tr style="height:7.75pt;"><td style="vertical-align:bottom;width:10%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:7.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.99%;margin:0pt;padding:0pt;"><div style="height:7.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:87.99%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:7.75pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:6.4pt;"><td style="vertical-align:middle;width:10%;margin:0pt;padding:0pt;"><div style="height:6.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.99%;margin:0pt;padding:0pt;"><div style="height:6.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:87.99%;margin:0pt;padding:0pt;"><div style="height:6.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:middle;width:10%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;">99.1</font></p></td><td style="vertical-align:bottom;width:1.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:87.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;" href="tmb-20201202xex99d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:normal;text-align:justify;">Press Release of Alerus Financial Corporation, dated December&#160;2, 2020.</font></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;text-indent:36pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:5.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:44.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="white-space:pre-wrap;">Date:  December&#160;2, 2020</font></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Alerus Financial Corporation</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:5.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:44.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Randy L. Newman</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:5.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td><td style="vertical-align:top;width:44.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Randy L. Newman</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:5.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td><td style="vertical-align:top;width:44.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Chairman, Chief Executive Officer and President</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 12/2/2020 09:00:39 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit&#160;99.1</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><div style="clear:both;"></div><div style="clear:left;float:left;height:28.14pt;width:0pt;"></div><div style="clear:left;float:left;height:43.5pt;margin-right:9pt;width:144pt;z-index:251658240;"><div style="height:43.2pt;left:0pt;padding-bottom:0.3pt;position:relative;top:0pt;width:144pt;"><img src="tmb-20201202xex99d1001.jpg" alt="AlerusFinancialCorporation" style="height:43.2pt;width:144pt;"></div></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:right;margin:0pt;"> Kris Bevill, Public Relations </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:right;margin:0pt;">701.280.5076 (Office) :: 701.306.8561 (Cell)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:right;margin:0pt;">kris.bevill@alerus.com<font style="color:#48a9c5;"> </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><b style="font-weight:bold;">FOR IMMEDIATE RELEASE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-size:15pt;font-variant:small-caps;font-weight:bold;">ALERUS ANNOUNCES INTENT TO ACQUIRE RETIREMENT PLANNING SERVICES, INC.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-size:15pt;font-variant:small-caps;font-weight:bold;">Acquisition Expands Alerus&#8217; Footprint to Rocky Mountains</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><b style="font-weight:bold;">GRAND FORKS, N.D. </b>(December 2, 2020) &#8211; <font style="white-space:pre-wrap;">Alerus Financial Corporation (&#8220;Alerus&#8221;) (NASDAQ: ALRS), announced today it has entered into a definitive agreement to acquire Retirement Planning Services, Inc. (&#8220;RPS&#8221;), which does business as RPS Plan Administrators and 24HourFlex. RPS provides retirement and health benefits administration for more than 1,000 plans, 48,000 plan participants, 300 COBRA clients, and 10,000 COBRA members, and brings more than 30 years of experience to Alerus&#8217; robust retirement and health benefits services division. RPS is based in Littleton, Colorado, which expands Alerus&#8217; geographic footprint to the Rocky Mountain region.  </font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;">Alerus is a leading independent provider of retirement and benefit administration services. This transaction represents the company&#8217;s eleventh acquisition in the retirements and benefits vertical since 2003 and builds Alerus&#8217; health benefits scale in a consolidating industry. The transaction is expected to be completed December 18, 2020, and will increase Alerus&#8217; assets under administration/management to approximately $31.5 billion. Terms of the transaction will not be released.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;">&#8220;The acquisition of RPS and 24HourFlex is a strategic investment that allows us to add talent and increase market share in the desirable Rocky Mountain region while further strengthening our growing retirement and benefits division,&#8221; said Alerus President and Chief Executive Officer Randy Newman. &#8220;Alerus is a scaled consolidator and this expansion is in line with our long-term One Alerus growth strategy to expand our national presence and provide diversified financial services to clients across the nation.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;">&#8220;Alerus, RPS, and 24HourFlex share complementary business models and core values that focus on client service, industry expertise, and growth, making this a great partnership for both ownership groups,&#8221; said Brian Overby, President of Alerus Retirement and Benefits. &#8220;In addition to expanding our footprint, we&#8217;re also adding valuable products and talented professionals. We believe there are opportunities to expand products and services to the newly acquired clients in addition to current Alerus clients.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;">The all-cash transaction is anticipated to be immediately accretive to Alerus&#8217; GAAP earnings per share, adding an estimated $0.08 in 2021 and $0.13 in 2022. Consistent with prior retirement services acquisitions, a substantial portion of the premium paid will be allocated to a customer account intangible and amortized up to 10 years, contributing to a cash-GAAP earnings difference while restoring the tangible equity utilized to complete the acquisition.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;">Nathan Carlson, president of RPS, and Matt Poppe, principal of RPS, will join Alerus to ensure a seamless transition and guide Alerus&#8217; continued retirement and benefits services growth throughout the region.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;">&#8220;Joining Alerus provides both our employees and clients incredible growth opportunities with a multi-billion-dollar, publicly traded, diversified financial services company,&#8221; said Carlson. &#8220;We are excited to combine our industry expertise and regional presence with Alerus to position our employees and clients for long-term success. We are stronger together and we look forward to what the future holds.&#8221;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="color:#212529;font-size:11pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><b style="color:#212529;font-size:11pt;font-weight:bold;">About Alerus Financial Corporation</b><font style="color:#212529;font-size:11pt;"><br></font><font style="font-size:11pt;">Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, N.D. Through our subsidiary, Alerus Financial, National Association, we provide innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments&#8212;banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, and Scottsdale and Mesa, Ariz. Alerus Retirement and Benefits plan administration offices are located in St. Paul and Albert Lea, Minn., East Lansing and Troy, Mich., and Bedford, N.H.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="color:#212529;font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><b style="color:#212529;font-size:11pt;font-weight:bold;">Forward-Looking Statements</b><font style="color:#212529;font-size:11pt;"><br></font><font style="color:#212529;font-size:11pt;">This press release contains &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risks described in the &#8220;Risk Factors&#8221; sections of reports filed by Alerus Financial Corporation with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:center;margin:0pt;"># # #</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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