Alerus Financial Corporation (ALRS) will raise its quarterly dividend by 7.1 percent to 15 cents per share.

The next dividend is payable on January 10, 2020, to shareholders of record as of close of business on December 20, 2019. A new 60 cent per share annual dividend rate yields 2.8% at a stock price of $21.60.

Alerus Financial Corporation, through its subsidiary Alerus Financial, N.A., offers business and consumer banking products and services, residential mortgage financing, employer-sponsored retirement plan and benefit administration, and wealth management including trust, brokerage, insurance, and asset management. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, and Scottsdale and Mesa, Ariz. Alerus Retirement and Benefits plan administration offices are located in St. Paul and Albert Lea, Minn., East Lansing and Troy, Mich., and Bedford, N.H.