Alerus Financial Corp., a Grand Forks, N.D.-based financial-services company with a growing presence in the Twin Cities, filed a registration statement for an initial public offering that, based on the registration fee, could raise $75 million.
The company filed the form with the Securities and Exchange Commission on Friday. The number of shares to be offered and a proposed share price haven't been set so the final amount raised could be different. It can take five to six months after an initial registration and several amended filings before a company completes an IPO.
Shares of the company trade on an over-the-counter exchange but the company is applying to list on the Nasdaq exchange with this offering. The company's stock symbol is ALRS.
The company's main business lines include banking, retirement services, wealth management and mortgages. It has banking locations in North Dakota, Minnesota, and Phoenix, Ariz., and a retirement and benefit services business that operates nationally through offices in Michigan, Minnesota and New Hampshire.
As of June 30, the company has $2.2 billion in total assets; $27.9 billion in assets under administration; and $5.3 billion in assets under management.
The company plans to use the proceeds of the offering to strengthen its capital position and pursue a growth strategy that includes strong organic growth and strategic acquisitions.
Alerus is run by Randy Newman, a 38-year veteran with the company who has been chief executive since 1995. The company employees through an employee stock-ownership plan are the largest shareholders, owning 9.3% of existing shares.
Alerus' roots go back to 1879 when it was founded as the Bank of Grand Forks. In 2000, it changed its name to Alerus Financial. It first expanded into the Twin Cities in 2003 when it acquired a company in St. Paul, Pension Solutions Inc., that would form the foundation of its retirement business.
