Alerus Financial Corporation

2024 ANNUAL REPORT
e x p a n d i n g 
forward

The historic partnership with HMN Financial Inc. in 2024 brought together two organizations 
with deep roots in the communities they serve. It is the largest acquisition in our company’s 
history, encompassing $1 billion of loans and deposits, more than 100 new team members, 
and approximately 55,000 clients across 14 locations in three states. Shareholder approval  in 
September 2024 followed by prompt regulatory approval enabled the acquisition to close in 
October. Client transitions were completed in December.
Working Together to Grow
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|  2024 ALERUS FINANCIAL CORPORATION ANNUAL REPORT

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