Alerus in N.D. taps CFO to be its next leader

Alerus Financial in Grand Forks, N.D., will have a new CEO in 2022.

The $3.2 billion-asset company said in a press release Monday that Katie Lorenson, its chief financial officer, will also become president on Jan. 1. She will also join the board. 

Lorenson will succeed Randy Newman, who will transition to the role of executive chairman.

“Katie is a proven leader and seasoned executive with a deep understanding and passion for our business,” Newman said in the release.

“Since Katie joined Alerus in 2017, she has been an indispensable strategic partner to me, our leadership team, and the board,” Newman added. “Katie brings relentless focus to executing our strategic plan and building our business, by attracting, retaining and developing employees and growing the company.”

Lorenson oversees Alerus’ business segments, including banking, retirement and benefit services, wealth management and mortgage. She also spearheaded the company’s 2019 initial public offering.

Prior to joining Alerus, Lorenson was CFO at MidWestOne Bank.

Newman joined Alerus in 1981, when it was known as First National Bank North Dakota. He become president in 1987 and CEO in 1995.