Alerus Financial Corp.'s board of directors approved a cash dividend that is payable on Jan. 12 to shareholders of record as of close of business on Dec. 22, according to a press release.

The regular quarterly cash dividend is worth $0.12 per common share, which is a 9.1 percent increase from over a year ago, the press release noted.

ALRS also will have a new chief financial officer and executive vice president starting Monday. Katie Lorenson, who previously served as CFO for Central Bancshares -- which was acquired by MidWestOne Financial Group in 2015 -- will take over the role for former CFO Dan Cheever. Cheever will remain with the company as executive vice president through the end of 2018 to ensure a smooth transition.

“Although we will miss Dan, we are thrilled to welcome Katie as our new CFO,” Chairman and CEO Randy Newman said in the press release. “Her experience in financial management and analysis, along with her background in strategic planning and business and market analysis, is an ideal fit for our company. She complements our customer focused culture and I am confident Katie will be a key asset in driving future growth for Alerus.”

ALRS is headquartered in Grand Forks, North Dakota and offers business and consumer banking products and services, residential mortgage financing and employer-sponsored retirement plan and benefit administration along with many other financial services.