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.