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Alerus Financial prices IPO

Grand Forks, N.D.-based Alerus Financial Corp. priced its IPO of 2,860,000 common shares at $21.00 per share.

The company granted the underwriters a 30-day option to purchase up to an additional 429,000 shares at the IPO price, less the underwriting discount.

The shares are expected to begin trading on the Nasdaq Capital Market on Sept. 13 under the ticker symbol ALRS. The offering is expected to close Sept. 17.

Raymond James & Associates Inc. and D.A. Davidson & Co. served as joint book-running managers in the offering, and Piper Jaffray & Co. acted as co-manager.