Alerus financial corporation announces private placement of a $50 million subordinated note due 2031

Grand forks, n.d.--(business wire)--alerus financial corporation (nasdaq: alrs) announced that it has completed the private placement of a $50 million subordinated note due 2031 (the “note”) with the bank of north dakota (“bnd”). the note will bear interest at a fixed rate of 3.50% until march 30, 2026, and thereafter will bear interest until maturity at the 5-year fhlb advance rate, plus 2.00%, with a minimum annual fixed rate of not less than 3.50%. the note was issued at the holding company
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