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Forum staff reports , Published March 11 2014

Alerus acquires Twin Cities-based bank

Alerus Financial has announced its acquisition of Twin Cities-based Private Bank Minnesota, which has about $142 million in banking assets.

The transaction is expected to be completed in the second quarter of 2014.

Private Bank’s downtown Minneapolis office will become a branch of Alerus Financial. Alerus now has banking locations in Minnetonka, Oakdale and Maplewood, Minn.

Alerus has completed 9 acquisitions in the Twin Cities in the last decade. This acquisition will increase Alerus’ Twin Cities banking assets to about $398 million.

“We’ve identified the Twin Cities, and also Phoenix, Ariz., as growth markets for our company,” Alerus Financial President Randy Newman said in a news release. “This transaction strategically aligns with our long-term strategy of expanding in the Twin Cities, and is extremely complementary to our business model and already strong organic growth in this market. Alerus and Private Bank both share a similar client-focused culture where we value much of the same philosophies.”

Private Bank customers acquired through the transaction will be supported by existing operations in Grand Forks and Fargo.

Alerus is a Grand Forks-based financial services company with banking offices in the Red River Valley, Twin Cities and Scottsdale, Ariz. It has total banking assets of $1.4 billion and total wealth management assets of $14.7 billion as of December 2013.