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.

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.