Alerus Financial, a diversified financial services provider with locations in five states, filed on Friday with the SEC to raise up to $75 million in an initial public offering.
Alerus Financial provides financial services to businesses and consumers across four lines: banking, retirement and benefit services, wealth management, and mortgage. As of June 30, 2019, Alerus had total assets of $2.2 billion, total loans of $1.7 billion, total deposits of $1.8 billion, and total stockholders' equity of $214 million.
The Grand Forks, ND-based company was founded in 1879 and booked $183 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol ALRS. Alerus Financial filed confidentially on May 1, 2019. Raymond James, D.A. Davidson and Piper Jaffray are the joint bookrunners on the deal. No pricing terms were disclosed.
