Empowering Your Financial Journey, Every Step of the Way.

With over a century of experience, Alerus is committed to helping you achieve your financial goals though personalized solutions and expert guidance.

Read our annual report

HELPING CLIENTS ACHIEVE FINANCIAL CONFIDENCE

Relationships are at the core of everything we do, and that makes all the difference for our personal and business clients.

It is our mission to provide proactive advice and technology that supports people in their daily lives and guides them on their financial wellness journeys.

For our business clients, that approach takes their employee benefits to the next level with an integrated financial wellness program. For our personal clients, it’s a customized approach that empowers them to set and achieve goals and make smart financial decisions.

No matter the financial goal or challenge, Alerus supports people and businesses with an array of products and services all delivered through a seamless and personalized experience.

Strength and stability you can trust.

All financial information as of October 9, 2024

TOTAL ASSETS

$5.5B

TOTAL DEPOSITS

$4.3B

ASSETS UNDER ADMINISTRATION

$43.6B

LOCATIONS

Across Midwest and Arizona

A history of building financial futures

Our proud history of perseverance and prosperity owes a great deal to the client-focused approach we’ve held since day one.

Alerus first expanded beyond our headquarters in Grand Forks, North Dakota, in 1985. It was the first chapter in a story of sustained growth that is still being written today.

1879: Founded as the Bank of Grand Forks, one of the first chartered in the Dakota Territory.
1933: First National Bank in Grand Forks opened its doors in Grand Forks, North Dakota.
1985: Acquired Northwood State Bank in Northwood, North Dakota.
1986: Created Employee Stock Ownership Plan for our employees.
1987:Entered the Fargo market by purchasing West Fargo State Bank in West Fargo, North Dakota.
1989: Purchased Dakota Bank in Grand Forks, North Dakota.
1991: First National Bank in Grand Forks purchased the North Dakota branches of First Federal Savings & Loan in Fargo, North Dakota, and changed its name to First National Bank North Dakota.
1997: Historic flood and fire devastated Grand Forks and First National Bank North Dakota’s buildings.
2000: First National Bank North Dakota changed its name to Alerus Financial to reflect the evolution from a traditional bank to a diversified financial services company.
2002: Acquired a branch of BNC National Bank in Fargo, North Dakota.
2003: Purchased Pension Solutions, Inc., a retirement plan services company located in St. Paul, Minnesota.
2006: Opened a trust and investment office in the Twin Cities; purchased Stanton Trust Company in Minneapolis, Minnesota.
2007: Opened a business banking office in Minnetonka, Minnesota; purchased the retirement recordkeeping services unit of Acclaim Benefits, Inc., in Minneapolis, Minnesota; acquired Stanton Investment Advisors, Inc., a Minneapolis-based investment advisory firm.

2009: Expanded into Phoenix, Arizona; purchased the retirement plan practice of Eide Bailly, LLP in Minneapolis, Minnesota; acquired deposits from BankFirst in Minneapolis, Minnesota; acquired Prosperan Bank in Oakdale, Maplewood, and Minnetonka, Minnesota; acquired Residential Mortgage Group in Minnetonka and Arden Hills, Minnesota.
2011: Acquired a branch in Arizona and selected loans and deposits in Minnesota and Arizona from BNC National Bank in Scottsdale, Arizona.
2012: Purchased PensionTrend, Inc. and PensionTrend Investment Advisers, LLC, in Okemos, Michigan.
2013: Purchased Tegrit Administrators, LLC.
2014: Acquired Private Bank Minnesota in Minneapolis, Minnesota; Acquired Retirement Alliance, Inc. in Manchester, New Hampshire.
2015: Purchased Interactive Retirement Systems, LTD, in Bloomington, Minnesota.
2016: Purchased Beacon Bank in Shorewood, Excelsior, Eden Prairie, and Duluth, Minnesota; purchased Alliance Benefit Group North Central States, Inc., in Albert Lea, and Eden Prairie, Minnesota.
2018: Opened a full-service banking and wealth management office in Mesa, Arizona.
2019: Alerus offers initial public offering.
2020: Acquired Retirement Plan Services, Inc., doing business as RPS Plan Administrators and 24HourFlex in Littleton, Colorado.
2022: Acquired Metro Phoenix Bank in Phoenix, Arizona.
2024: Acquired Home Federal which operates 12 branches in Minnesota and one branch in each of Iowa and Wisconsin.

Leadership that puts your goals first.

At Alerus, we’re guided by a team of forward-thinking leaders who are deeply committed to our mission: helping you achieve yours. With decades of expertise and a shared passion for innovation and integrity, our leadership team drives the vision that allows us to deliver exceptional financial solutions and client experiences.

Meet our leadership team