GRAND FORKS — A Grand Forks-based company that has branches in multiple states plans to go public, financial sources have reported.
Nasdaq's website, citing Renaissance Capital, reports that Alerus Financial filed with the U.S. Securities and Exchange Commission with the goal of raising up to $75 million in an initial public offering, known as an IPO. It will be listed as ALRS.
Alerus filed with the SEC Friday afternoon, Aug. 16.
According to the prospectus filed by Alerus, the company provides “innovative and comprehensive financial solutions to businesses and consumers through four distinct business lines — banking, retirement and benefit services, wealth management and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology.”
The prospectus also notes that as of June 30, the company had $2.2 billion of total assets.
Alerus dates its beginnings to 1879, when it was founded as the Bank of Grand Forks — one of the first banks chartered in Dakota Territory. After being known as First National Bank of North Dakota through most of its history, it changed its name to Alerus Financial Corporation in 2000 and later simply to Alerus.
The prospectus notes that in recent years, "we have experienced significant growth, both organically and through a series of strategic acquisitions. This growth has allowed us to build a diversified franchise and expand our geographic footprint into growing metropolitan areas. We believe these initiatives have transformed our company into a high-tech, high-touch client service provider, increased our earnings and allowed us to return more value to stockholders.”
The prospectus notes various growth highlights since the 2000 rebranding, including expansion into Minnesota in the mid-2000s, expansion into Arizona in 2009, expansion into Michigan in 2012 and expansion into New Hampshire in 2014. The company lists 13 growth points since rebranding in 2000.
Randy Newman is chairman, president and CEO of Alerus. He joined the company in 1981, became president in 1987 and CEO in 1995, according to the prospectus filed with the SEC.