Alerus Financial Corporation, marketed as simply Alerus, is a chain of financial institutions headquartered in
Grand Forks, North Dakota
Grand Forks is the third-largest city in the state of North Dakota (after Fargo and Bismarck) and the county seat of Grand Forks County. According to the 2020 census, the city's population was 59,166. Grand Forks, along with its twin city o ...
, with locations in
North Dakota
North Dakota () is a U.S. state in the Upper Midwest, named after the Native Americans in the United States, indigenous Dakota people, Dakota Sioux. North Dakota is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north a ...
,
Minnesota
Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...
and
Arizona
Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...
. Alerus offers banking, mortgage, wealth management, and retirement services.
History
Alerus Financial's history dates back to August 29, 1879, with the formation of the Bank of Grand Forks by Mr. S. S. Titus. The bank was the second bank chartered in
Dakota Territory
The Territory of Dakota was an organized incorporated territory of the United States that existed from March 2, 1861, until November 2, 1889, when the final extent of the reduced territory was split and admitted to the Union as the states of No ...
. At the time, the bank was located in the back of a smokehouse on South Third Street in
downtown Grand Forks
Downtown Grand Forks is the original commercial center of Grand Forks, North Dakota. Located on the western bank of the Red River of the North, the downtown neighborhood is situated near the fork of the Red River and the Red Lake River. While down ...
. The bank quickly outgrew its building and moved into a new brick structure at the corner of South Third Street and Kittson Avenue.
In 1881, the bank took out a federal charter and became known as Citizens National Bank. On July 1, 1890, the bank purchased another Grand Forks bank and took on the name of the other bank: First National Bank. In 1896, the newly merged First National Bank moved into the St. John's Block building at the corner of DeMers Avenue and Third Street. This corner was viewed by most as the commercial center of Grand Forks and the bank's five-story building dominated the intersection. The bank later relocated to another five-story building which was located at 322 DeMers Avenue, one block west of the St. John's Block.
The bank's headquarters would remain in this building until the devastating
Red River Flood of 1997. During the disaster, the bank's downtown building was both flooded and almost destroyed in a fire which burned out of control. After the flood, the bank moved their corporate headquarters to a location in south Grand Forks and moved their downtown location into a new city-owned office complex known as the Corporate Center. The vacated 322 DeMers Avenue building was totally remodeled by another party and is now an office building.
In 2000, First National Bank changed its name to Alerus Financial. The new name comes from the
Latin
Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the ...
word ''alera'' which means "to take flight". In 2001, the city of Grand Forks opened a huge indoor stadium and convention center known as the
Alerus Center
The Alerus Center is an indoor arena and convention center in the north central United States, located in Grand Forks, North Dakota. The facility is owned and operated by the city of Grand Forks and opened on February 10, 2001.
The arena's maj ...
. Alerus purchased the naming rights for this facility.
In 2003, Alerus expanded into Minneapolis when it acquired Pension Solutions Inc., which was renamed Alerus Retirement Solutions.
In 2014, Alerus Financial bought Private Bank Minnesota in downtown Minneapolis, the ninth such acquisition since 2003.
In 2015, Alerus Financial rebranded itself as simply Alerus, though its legal name did not change.
In 2016, Alerus purchased Beacon Bank in the Twin Cities and Duluth, Minnesota, adding 5 bank branches to its network.
It also purchased Alliance Benefit Group North Central States, Inc. (ABG), in Albert Lea, Minnesota.
Through the ABG acquisition, Alerus expanded its offerings to include HSA/FSA/HRA, payroll administration, and COBRA services. The company also renamed its retirement division from Alerus Retirement Solutions t
Alerus Retirement and Benefitsto reflect its expanded capabilities and service offerings.
In 2018, Alerus opened a full-service banking and wealth management office in Mesa, Arizona.
In 2019, Alerus completed its initial public offering (IPO) by raising $62.8 million. The company began trading on the NASDAQ under the ticker symbol ALRS. By October 2020, the company had grown to become the 18th-largest bank in the Twin Cities metro area in Minnesota.
In December 2020, Alerus acquired Littleton, Colorado-based Retirement Planning Services Inc., a provider of retirement and health benefits administration. The transaction represented Alerus' 11th acquisition in the retirement and benefits vertical since 2003 and increased Alerus' assets under administration and management to approximately $31.5 billion. The acquisition also expanded Alerus' geographic footprint to the Rocky Mountain region of the U.S.
Today
Alerus is a diversified financial services company headquartered in Grand Forks, North Dakota. It operates full-service banks and wealth management offices in
Greater Grand Forks
"Greater Grand Forks" (officially the Grand Forks, ND-MN Metropolitan Statistical Area) is the name used by some people to designate the twin cities of Grand Forks, North Dakota and East Grand Forks, Minnesota, together with their surrounding a ...
, Northwood, and
Fargo-Moorhead, North Dakota, the
Minneapolis-St. Paul metropolitan area, and
Scottsdale and
Mesa, Arizona
Mesa ( ) is a city in Maricopa County, Arizona, Maricopa County, in the U.S. state of Arizona. It is the most populous city in the East Valley (Phoenix metropolitan area), East Valley section of the Phoenix Metropolitan Area. It is bordered by ...
.
Alerus Retirement and Benefits plan administration offices are located i
St. Pauland Albert Lea, Minnesota,
East Lansing
East Lansing is a city in the U.S. state of Michigan. Most of the city lies within Ingham County with a smaller portion extending north into Clinton County. At the 2020 Census the population was 47,741. Located directly east of the state capital ...
and
Troy, Michigan
Troy is a city in Oakland County, Michigan, United States. Its population was 87,294 at the 2020 U.S. census, making Troy the most populous city in the county and the 13th most-populous municipality in the state. Troy is a northern suburb of Me ...
, and
Bedford, New Hampshire
Bedford is a town in Hillsborough County, New Hampshire, United States. At the 2020 census, the population was 23,322, reflecting a growth of 10% from 2010. Bedford is a suburb of Manchester, New Hampshire's largest city.
History
In 1733, the P ...
.
Alerus serves customers in 50 states.
See also
*
Alerus Center
The Alerus Center is an indoor arena and convention center in the north central United States, located in Grand Forks, North Dakota. The facility is owned and operated by the city of Grand Forks and opened on February 10, 2001.
The arena's maj ...
: sponsored arena
*
First National Bank (Grand Forks, North Dakota)
The First National Bank is a five-story building in Grand Forks, North Dakota, that was built in 1914–15 and listed on the National Register of Historic Places in 1982. It was built for the Scandinavian-American Bank, but has been identified a ...
: former headquarters
References
External links
*
{{DEFAULTSORT:Alerus Financial
Companies based in North Dakota
American companies established in 1879
Banks established in 1879
Banks based in North Dakota
Companies listed on the Nasdaq