 GRAND FORKS, N.D.--BUSINESS WIRE--Alerus Financial Corporation NASDAQ: ALRS announced that it has completed the private placement of a 50 million Subordinated Note due 2031 the Note with The Bank of North Dakota BND. The Note will bear interest at a fixed rate of 3.50 until March 30, 2026, and thereafter will bear interest until maturity at the 5-year FHLB advance rate, plus 2.00, with a minimum annual fixed rate of not less than 3.50. The Note was issued at the holding company 