Katie Lorenson has been named the new Alerus Financial Corp., president and CEO.
Lorenson, the Grand Forks, N.D.-based company’s executive vice president and chief financial officer, will assume her new role at the beginning of next year. Randy Newman, the current president, CEO and chair of the $3 billion financial institution, will keep his board role. BankBeat‘s 2008 Banker of the Year, Newman was named president in 1987 and CEO in 1995.
Newman, who joined Alerus (at the time First National Bank North Dakota) in 1981, called Lorenson “a proven leader and seasoned executive with a deep understanding and passion for our business.”
“Since Katie joined Alerus in 2017, she has been an indispensable strategic partner to me, our leadership team, and the board of directors,” he 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 leads Alerus’ mortgage, retirement, banking, benefit and wealth management services. She also spearheaded Alerus’ initial public offering in 2019.
Prior to Alerus, she was CFO for MidWestOne Bank, Iowa City, Iowa, joining that bank as part of its 2015 acquisition of Central Bank, Golden Valley, Minn., where she held the same title. Previously, she was manager on the financial institutions team with accounting firm McGladrey (now RSM). She has a Bachelor of Science degree in accounting from Minnesota State University, Moorhead.
“I am deeply honored to have the opportunity to succeed Randy and lead Alerus as we continue our path to positively impact our clients’ financial potential,” Lorenson said. “Together with the Alerus leadership team and our employees, I plan to continue building on the strong foundation already in place. I look forward to working with Randy in his role as executive chairman as we grow the company.”