Alerus Financial ESOP Amends 13G/A Filing on ALRS Holdings

TL;DR

**Alerus Financial's ESOP updated its ownership stake in ALRS, signaling continued internal investment.**

AI Summary

The Alerus Financial Corp Employee Stock Ownership Plan (ESOP) filed an amended Schedule 13G/A on February 1, 2024, indicating its ownership of Alerus Financial Corporation's common stock as of December 31, 2023. This filing, Amendment No. 4, updates previous disclosures regarding the ESOP's beneficial ownership. For investors, this matters because the ESOP is a significant internal shareholder, and changes in its holdings can signal internal confidence or strategic shifts within the company, Alerus Financial Corp (ticker: ALRS).

Why It Matters

This filing shows that a key internal stakeholder, the Alerus Financial Corp Employee Stock Ownership Plan, continues to hold a significant position in the company, which can be a positive sign of employee alignment and long-term commitment.

Risk Assessment

Risk Level: low — This is a routine amendment filing by an internal entity, indicating no immediate or significant new risks to investors.

Analyst Insight

Investors should note that an internal ESOP continues to hold shares, which can be a sign of stability. However, this filing does not provide new information on the number of shares held, so further analysis of the full 13G/A document would be needed to assess any changes in ownership percentage.

Key Numbers

• $1.00 — Par Value per Share (The stated par value of Alerus Financial Corporation's common stock.)

Key Players & Entities

• Alerus Financial Corp Employee Stock Ownership Plan (company) — the entity filing the SC 13G/A amendment
• Alerus Financial Corporation (company) — the issuer of the common stock
• December 31, 2023 (date) — the date of the event requiring the filing
• February 1, 2024 (date) — the filing date of the SC 13G/A amendment
• $1.00 (dollar_amount) — par value per share of common stock

Forward-Looking Statements

• The Alerus Financial Corp Employee Stock Ownership Plan will maintain a significant ownership stake in Alerus Financial Corporation. (Alerus Financial Corp Employee Stock Ownership Plan) — high confidence, target: December 31, 2024

FAQ

Key Financial Figures

• $1.00 — ation (Name of Issuer) Common Stock, $1.00 par value per share (Title of Classof

Filing Documents

• tm244738d1_sc13ga.htm (SC 13G/A) — 55KB
• 0001104659-24-009325.txt ( ) — 57KB

From the Filing

SC 13G/A 1 tm244738d1_sc13ga.htm SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 4) Alerus Financial Corporation (Name of Issuer) Common Stock, $1.00 par value per share (Title of Classof Securities) 01446U103 (CUSIP Number) December31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rulepursuant to which this Schedule is filed: Rule13d-1(b) Rule13d-1(c) Rule13d-1(d) *The remainder of this cover pageshall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover pageshall not be deemed to be “filed” for the purpose of Section18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 01446U103 13G 1. Names of Reporting Persons Alerus Financial Corporation Employee Stock Ownership Plan 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) (b) 3. SEC Use Only 4. Citizenship or Place of Organization North Dakota Number of Shares Beneficially Owned by Each Reporting Person With 5. Sole Voting Power 0 6. Shared Voting Power 1,152,017 1 7. Sole Dispositive Power 0 8. Shared Dispositive Power 1,152,017 2 9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,152,017 10. Check if the Aggregate Amount in Row (9)Excludes Certain Shares (See Instructions) 11. Percent of ClassRepresented by Amount in Row (9) 5.84% 3 12. Type of Reporting Person (See Instructions) EP 1 Consists of shares allocated to the accounts of the Alerus Financial Corporation Employee Stock Ownership Plan (“ESOP”) participants. Pursuant to the terms of the ESOP, these allocated shares are voted in accordance with the instructions of the individual participants on all matters requiring the vote of stockholders of Alerus Financial Corporation. If no voting instructions are received, the allocated shares are voted in a manner consistent with and proportionate to the voting instructions received from other participants. 2 Any decision to sell shares allocated to the account of an ESOP participant is made by the individual participant and then executed by the ESOP. 3 Based on 19,734,077 shares outstanding as of December 31, 2023. 1 Item 1. (a)Name of Issuer Alerus Financial Corporation (b)Address of Issuer’s Principal Executive Offices 401 Demers Avenue Grand Forks, North Dakota 58201 Item 2. (a)Name of Person Filing Alerus Financial Corporation Employee Stock Ownership Plan (b)Address of Principal Business Office or, if None, Residence 401 Demers Avenue Grand Forks, North Dakota 58201 (c)Citizenship The ESOP was formed under the laws of the State of North Dakota (d)Title of Classof Securities Common Stock, $1.00 par value per share, of Alerus Financial Corporation (e)CUSIP Number 01446U103 Item 3. If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b)or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in section 3(a)(6)of the Act (15 U.S.C. 78c); (c) Insurance company as defined in Section3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under Section8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section3(b)of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); (k) Group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution: Not applicable 2 Item 4. Ownership (a) Amount beneficially owned: 1,152,017 (b) Percent of class*: 5.84% * Based on 19,734,077 shares outstanding as of December31, 2023. (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote: 0 (ii) Shared power to vote or direct the vote: 1,152,017 (iii) Sole power

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View this SC 13G/A filing on SEC EDGAR