Alerus Financial, a regional bank with a focus on retirement and benefit services, raised $60 million by offering 2.9 million shares at $21, below the range of $22 to $24. The company sold 390,000 less shares and raised 20% less than anticipated.
Alerus Financial plans to list on the Nasdaq under the symbol ALRS. Raymond James and D.A. Davidson acted as lead managers on the deal.
