Alerus Financial (NASDAQ:ALRS) stockholders approved all proposals presented at the company’s 2026 virtual annual meeting, including the election of nine directors, an advisory vote on executive compensation and the ratification of the company’s independent auditor.
Dan Coughlin, chairman of the board, presided over the meeting and said the company was conducting the meeting virtually. He also introduced the current directors in attendance: Katie Lorenson, Randy Newman, Janet Estep, Mary Zimmer, Galen Vetter, Nikki Sorum, John Uribe and Jeffrey Bolton. Michael Grossman, a representative of the company’s independent auditing firm, RSM US LLP, also attended.
Quorum Established
Brenckman said more than 20.654 million common shares were represented at the meeting, equal to approximately 80.8% of the outstanding shares entitled to vote. Because a majority of outstanding voting shares were represented, he declared that a quorum was present and that the meeting was properly organized and ready for business.
Directors Elected for One-Year Terms
Stockholders elected nine members of the board of directors, each to serve a one-year term until the 2027 annual meeting of stockholders or until their successors are duly elected. Coughlin said additional biographical information on the nominees was included in the company’s proxy statement.
The elected directors are:
- Dan Coughlin
- Katie A. Lorenson
- Randy L. Newman
- Janet O. Estep
- Galen G. Vetter
- Mary E. Zimmer
- John Uribe
- Nikki L. Sorum
- Jeffrey W. Bolton
Coughlin said each nominee received a plurality of the votes cast and was therefore elected as a director of the company.
Executive Compensation Advisory Vote Approved
Stockholders also approved, on a non-binding advisory basis, the compensation paid to the company’s named executive officers in 2025. Coughlin noted during the meeting that the outcome of the say-on-pay proposal is not binding on the board, but that the board’s compensation committee will take the results into account when considering future compensation arrangements.
RSM Ratified as Auditor
The final proposal on the ballot was the ratification of RSM US LLP as Alerus Financial’s independent public accounting firm for the fiscal year ending Dec. 31, 2026. The proposal received the affirmative vote of a majority of the shares of common stock present in person or represented by proxy and entitled to vote on the matter, according to the meeting results announced by Coughlin.
The company said no stockholder questions related to the meeting agenda were submitted during the question-and-answer portion. After the vote results were announced, Coughlin declared that all agenda items had been completed and adjourned the meeting.
About Alerus Financial (NASDAQ:ALRS)
Alerus Financial Corporation (NASDAQ: ALRS) is a diversified financial services company headquartered in Grand Forks, North Dakota. The firm provides a full range of commercial and consumer banking products, including deposit accounts, lending solutions and treasury management services for individuals, small businesses and larger corporate clients. Through its community banking network, Alerus emphasizes local decision-making and personalized service to meet the needs of its varied client base.
In addition to traditional banking offerings, Alerus operates a national mortgage origination and servicing platform that delivers home purchase and refinance loans.
