Alerus Financial Corporation has announced a modification to its existing Subordinated Note Purchase Agreement with the Bank of North Dakota. Originally set to mature on March 30, 2031, the maturity date has now been extended to March 30, 2036. This modification allows the company to maintain its regulatory capital ratios while providing additional flexibility in its financial management. The modified note will carry a fixed interest rate of 6.75% until the new maturity date, with provisions for early redemption under certain conditions. The decision to extend the maturity is seen as a strategic move to bolster the company's liquidity and financial stability in the coming years. The modification agreement is expected to have a positive impact on the company's capital structure and operational execution, as it allows for better alignment of financial resources with long-term strategic goals. Alerus Financial Corporation continues to focus on enhancing its financial position and supporting its subsidiary's growth initiatives.

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