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Alerus history
Alerus company history timeline
Alerus Financial's history dates back to August 29, 1879, with the formation of the Bank of Grand Forks by Mr.
In 1881, the bank took out a federal charter and became known as Citizens National Bank.
On July 1, 1890, the bank purchased another Grand Forks bank and took on the name of the other bank: First National Bank.
In 1896, the newly merged First National Bank moved into the St John's Block building at the corner of DeMers Avenue and Third Street.
The bank's headquarters would remain in this building until the devastating Red River Flood of 1997.
In 2000, First National Bank changed its name to Alerus Financial.
The new name comes from the Latin word alera which means "to take flight". In 2001, the city of Grand Forks opened a huge indoor stadium and convention center known as the Alerus Center.
The transaction represented Alerus' 11th acquisition in the retirement and benefits vertical since 2003 and increased Alerus' assets under administration and management to approximately $31.5 billion.
In 2016, Alerus purchased Beacon Bank in the Twin Cities and Duluth, Minnesota, adding 5 bank branches to its network.
In 2018, Alerus opened a full-service banking and wealth management office in Mesa, Arizona.
In 2019, Alerus completed its initial public offering (IPO) by raising $62.8 million.
The company began trading on the NASDAQ under the ticker symbol ALRS. By October 2020, the company had grown to become the 18th-largest bank in the Twin Cities metro area in Minnesota.
In December 2020, Alerus acquired Littleton, Colorado-based Retirement Planning Services Inc., a provider of retirement and health benefits administration.
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Alerus competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bremer Bank | 1943 | $1.2B | 1,652 | - |
| American Federal Bank | - | $31.0M | 157 | - |
| Western State Bank | - | $63.2M | 50 | 1 |
| U.S. Bank | 1863 | $202.1M | 70,000 | 2,099 |
| Republic Bank | 1982 | $819.8M | 1,000 | 27 |
| Ftn Financial | - | $4.3M | 50 | - |
| Credit Human | 1935 | $220.0M | 750 | 11 |
| Union Planters Mortgage Inc | - | $24.0M | 2 | - |
| Usb | - | $19.0M | 50 | - |
| Mercantile Bank of Michigan | 1997 | $1.4B | 420 | 47 |
Alerus history FAQs
Zippia gives an in-depth look into the details of Alerus, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Alerus. The employee data is based on information from people who have self-reported their past or current employments at Alerus. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Alerus. The data presented on this page does not represent the view of Alerus and its employees or that of Zippia.
Alerus may also be known as or be related to ALERUS FINANCIAL CORP, Alerus, Alerus Financial, Alerus Financial Corp. and Alerus Financial Corporation.