Alerus Financial Corp. announced Monday that Katie Lorenson will be the next president and CEO of the financial services company.
Beginning in early 2022, Lorenson will also join the board of directors of the Grand Forks-based company. She is currently Executive Vice President and Chief Financial Officer of the company. Current Alerus President, CEO and Chairman of the Board Randy Newman will help transition the role to ensure a transparent transfer of leadership, according to a press release.
“Katie is a proven leader and seasoned executive with a deep understanding and passion for our business,” Newman said in the release. “… Katie is relentlessly focused on executing our strategic plan and growing our business, attracting, retaining and developing employees and growing the business. 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 move our company forward. “
Through its subsidiary, Alerus Financial, NA, Alerus provides financial services to businesses and consumers through four business segments which include banking services, pension and benefits services, wealth management and mortgage loans. It has offices in Grand Forks, North Dakota; Fargo, North Dakota; the twin cities; Scottsdale, Arizona; Mesa, Arizona; East Lansing, Michigan; and Littleton, Colorado.
Lorenson currently heads Alerus’ business lines. Additionally, she led the company’s 2019 initial public offering and has been an integral part of the company’s continued strong financial results since it began trading on NASDAQ, the statement said.
Before joining Alerus at the end of 2017, she held the position of CFO for a listed regional financial institution as well as for a large private financial institution. Prior to this role, Lorenson was director of the financial institutions team at RSM US LLP, the statement said.
“I am deeply honored to have the opportunity to succeed Randy and lead Alerus as we continue on our path to positively impact the financial potential of our clients,” Lorenson said in the statement. “Together with the Alerus management team and our employees, I plan to continue to build on the strong foundations 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 of providing holistic advice, with unparalleled service and engaging technology.
Newman joined Alerus, formerly known as First National Bank North Dakota, in 1981. He became president in 1987 and later CEO in 1995, the statement said.
During his tenure, Alerus successfully weathered the 1997 floods in Grand Forks, the Great Recession of 2008, and the ongoing COVID-19 pandemic. He helped the company grow outside of North Dakota and enter new lines of retirement, benefits and payroll services. This has led to long-term expansion, including 24 acquisitions, the statement said.
“Leading and growing Alerus is one of the greatest honors of my life. I am proud of the company we have built, honored by the talented people I have worked with and satisfied with all that we have accomplished, ”Newman said in the release. “This transition comes at the right time. With an experienced management team, key strategic investments in technology, engaged employees and a diverse revenue stream, we are well positioned to continue our momentum to serve our clients as trusted financial advisors and, at their, turn, create long-term shareholder value.
Dan Coughlin, a lead independent director on the company’s board of directors, said the board agreed Lorenson was the right person to lead Alerus.
“His ability to look to the future and define a strategy, combined with his deep commitment to Alerus employees and customers, is widely known and respected within the company. We believe it will maintain continuity and further position the company for continued success, ”he said in the statement.
Coughlin also thanked Newman for his service, saying he “has instilled a culture of high performance focused on working in the best interests of clients and always doing the right thing.” He added that annual net income rose from $ 5.1 million in 1995 to $ 44.7 million in 2020 during Newman’s tenure, the statement said.