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Alerus Completes Acquisition Of Metro Phoenix Bank

Jul 01, 2022•about 3 years ago

Acquiring Company

Alerus Financial Corporation and Alerus Financial N.A

Acquired Company

MPB BHC and Metro Phoenix Bank

Financial ServicesReal EstateFinancial Services

Description

Alerus Financial Corporation (“Alerus”) (NASDAQ: ALRS) announced today it has completed the previously announced acquisition of MPB BHC, Inc. (OTCPink: MPHX), the bank holding company for Metro Phoenix Bank. Founded in 2007, Metro Phoenix Bank is the largest full-service community bank headquartered in Phoenix, with approximately $453 million in total assets, $280 million in total loans, and $402 million in total deposits as of March 31, 2022. Metro Phoenix Bank operates one branch in Phoenix, serving small- and medium-sized businesses throughout the metro area.

Company Information

Company

Alerus Financial Corporation and Alerus Financial N.A

About

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, N.D. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to businesses and consumer clients through four distinct business segments—banking, retirement and benefits services, wealth management, and mortgage. Alerus provides clients with a primary point of contact to help fully understand the unique needs and delivery channel preferences of each client. Clients are provided with competitive products, valuable insight, and sound advice supported by digital solutions designed to meet the clients’ needs. Alerus Financial banking and wealth management offices are in Grand Forks and Fargo, N.D., the Minneapolis-St. Paul, Minn. metropolitan area, and Scottsdale and Mesa, Ariz. Alerus Retirement and Benefits plan administration offices are in St. Paul, Minn., East Lansing Mich., and Littleton, Colo.

DealWatch™ Score

71
High M&A Activity

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Integration timeline
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Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
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