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Jon Knutson, Published January 01 2010

Alerus Financial acquires RMG in Twin Cities

Grand Forks, N.D.-based Alerus Financial has acquired Residential Mortgage Group in the Twin Cities.

RMG has 55 employees, including 26 loan originators. It generated about

$720 million in first and second mortgages in 2009 and has a customer network of about 34,000 individuals.

RMG will transition into the Alerus brand over the next few months, and will be known temporarily as Residential Mortgage Group, a Division of Alerus Financial.

RMG will keep its existing offices in the Twin Cities. No staff reductions are expected, Alerus said.

Alerus Mortgage Solutions, the current mortgage business of Alerus, will continue to be led by President Dan Doeden.

The acquisition of RMG is part of the Alerus strategy to diversify out of the Red River Valley.

That effort includes the acquisitions earlier this year of the Twin Cities-based deposits of BankFirst and the Minnetonka, Oakdale and Maplewood branches (all in the Twin Cities) of Prosperan Bank.

Alerus was doing some mortgage business in the Twin Cities, but greatly expands its presence there with the acquisition of RMG, said Alerus spokeswoman Missy Keney.

Alerus Financial, which has branches in Fargo and West Fargo, has total bank assets of $1.1 billion, more than $7 billion in customer assets under management and administration and $350 million in brokerage assets.

Readers can reach Forum reporter Jonathan Knutson at (701) 241-5530