Alerus Financial Corporation will have a new president and chief executive officer, effective Jan. 1.

The financial institution has announced that Katie Lorenson, the company’s current executive vice president and chief financial officer, will become the next president and CEO. Lorenson will succeed Randy Newman, who will remain involved with the institution and will transition to the position of executive chairman of the board.

“Katie is a proven leader and seasoned executive with a deep understanding and passion for our business,” said Newman. “Since Katie joined Alerus in 2017, she has been an indispensable strategic partner to me, our leadership team and the board of directors. Katie brings relentless focus to executing our strategic plan and building our business, by attracting, retaining and developing employees and growing the company. She has a proven track record of leadership, successfully integrating acquisitions and aligning resources for growth. The company is well-positioned for continued success, and I have full confidence that Katie will continue to advance our company.”

In addition to serving as Alerus’ executive vice president and CFO, Lorenson leads the bank’s business segments, including banking, retirement and benefit services, wealth management and mortgage. She also spearheaded Alerus’ initial public offering in 2019 and has played an integral role in the company achieving consistently strong financial results since it began trading on the NASDAQ in September of 2019. Lorenson is based out of the Twin Cities.

Lorenson brings extensive experience overseeing financial service organizations. Before joining Alerus in December 2017, she served as CFO for a publicly traded regional financial institution from 2015 to 2017, and as CFO for a large privately held financial institution from 2011 to 2015. Prior to her chief financial officer roles, Lorenson served as manager on the financial institutions team for RSM US LLP.

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“I am deeply honored to have the opportunity to succeed Randy and lead Alerus as we continue our path to positively impact our clients’ financial potential,” Lorenson said in a statement sent to the media. “Together with the Alerus leadership team and our employees, I plan to continue building on the strong foundation already in place. I look forward to working with Randy in his role as executive chairman as we grow the company by executing our strategic mission to deliver holistic advice, with unparalleled service, and engaging technology.”

Dan Coughlin, lead independent director of the company’s board of directors, said Lorenson is the right person to lead the bank forward.

“Her ability to envision the future and set strategy combined with her deep commitment to Alerus employees and clients are widely known and respected within the company. We believe she will maintain continuity and further position the company for continued success,” he said.

Newman joined Alerus, formerly First National Bank North Dakota, in 1981. He became president in 1987 and CEO in 1995. During that time he helped Alerus navigate the Flood of 1997 in Grand Forks, the recession in 2008, and the ongoing COVID-19 pandemic. He expanded the company outside of North Dakota and entered into new business lines of retirement, benefits, and payroll services, which resulted in a long-term expansion that includes 24 acquisitions and the evolution of Alerus into a diversified financial services company.

“Leading and growing Alerus is one of the greatest honors of my life,” said Newman. “I’m proud of the company we’ve built, humbled by the talented people I’ve worked alongside, and pleased with all we’ve achieved.”

Alerus Financial Corporation is headquartered in Grand Forks. Through its subsidiary Alerus Financial, N.A., the company provides financial solutions to business and consumer clients through four distinct business segments — banking, retirement and benefit services, wealth management, and mortgage.

Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, the Minneapolis-St. Paul metropolitan area, and Scottsdale and Mesa, Ariz. Alerus Retirement and Benefits plan administration offices are located in St. Paul, Minn., East Lansing, Mich., and Littleton, Colo.