Press release
Alerus Completes Acquisition of Metro Phoenix Bank
Transaction Represents Largest Bank Acquisition in Alerus History GRAND FORKS, N.D. & PHOENIX--(BUSINESS WIRE)-- Alerus Financial Corporation (“Alerus”)
About this update from Alerus Financial Corporation
[{"type":"text","content":"\nTransaction Represents Largest Bank Acquisition in Alerus History\n\n GRAND FORKS, N.D. & PHOENIX--(BUSINESS WIRE)--\nAlerus 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.\n\nThe transaction represents the largest bank acquisition in Alerus’ history, and the twenty-fifth acquisition for Alerus since 2000. It is the first all-stock acquisition for Alerus, which began trading on Nasdaq in 2019.\n\nAlerus has been operating in the Arizona market since 2009 and added Metro Phoenix Bank as part of its long-term plan to continually expand its four business segments—banking, retirement and benefits services, wealth management, and mortgage. The acquisition significantly increases its presence in Arizona. Alerus now has the fifth largest deposit market share in the Phoenix metropolitan statistical area (MSA) among community banks, with approximately $516 million in total deposits, and will operate three branch locations in Arizona (Phoenix, Scottsdale, and Mesa). Together, Alerus and Metro Phoenix Bank led the market in U.S. Small Business Administration 7(a) loan production volume in the first quarter of 2022, an area of lending which will continue to be a focus for Alerus.\n\n“We are pleased to welcome the clients and employees of Metro Phoenix Bank to Alerus,” said Alerus President and Chief Executive Officer Katie Lorenson. “This talented team has a proven history of strong credit and organic growth. Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings. We look forward to working together to strengthen our presence in one of the fastest growing metropolitan areas in the country. Alerus has a long history of successfully executing and integrating acquisitions, and we believe this combination will provide ...