Alerus Financial Corp

Alerus Financial Corporation (Nasdaq: ALRS) is a bank holding company that combines commercial banking with wealth advisory services and a national retirement and benefit services business. It operates through its subsidiary, Alerus Financial, National Association.

Banking: The company offers deposit, lending and mortgage products to business and consumer clients.
- The loan book is about $4.2 billion.
- It spans commercial and industrial, owner-occupied and investor commercial real estate, agricultural, residential real estate and HELOC lending.
- It is increasingly weighted toward commercial and business lending, which is 37.1% of loans.
- Deposits are about $4.3 billion.
- The company operates 25 banking and commercial wealth offices in North Dakota (Grand Forks, Fargo), Minnesota (Minneapolis-St. Paul, Rochester, Southern Minnesota), Iowa (Marshalltown), Wisconsin (Pewaukee) and Arizona (Tempe, Scottsdale).

Fee businesses: Noninterest income makes up roughly 42% of revenue.
- The Alerus Retirement and Benefit business serves advisors, brokers, employers and plan participants nationwide, with about $44.9 billion in assets under administration/management.
- The wealth advisory unit has about $5.2 billion in assets under administration/management.
- The company also earns mortgage banking revenue.

Acquisitions: The company grew in part through acquisitions, including Metro Phoenix Bank and HMNF, Inc. Updated Oct 28, 2026