Alerus Financial, National Association
Grand Forks, North Dakota, Grand Forks County
$5.3B in total assets, the 289th largest of 4,309 US banks and 4th of 60 headquartered in North Dakota.
- FDIC certificate
- 3931
- Established
- 1933
- Owned by
- Alerus Financial Corp
- Primary regulator
- OCC
- Website
- http://www.alerus.com
At a glance
Compared with 11 banks headquartered in North Dakota with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $5.3B | 82% | $2.4B | |
| Loans | $4.1B | 91% | $1.9B | |
| Deposits | $4.2B | 82% | $2.0B | |
| Return on assets | 0.62% | 2% | 1.30% | |
| Net interest margin | 3.89% | 54% | 3.70% | |
| Efficiency ratio | 61.4% | 46% | 63.1% | |
| Equity to assets | 11.00% | 82% | 9.24% | |
| Loans to deposits | 96% | 64% | 83% |
Growth
Total assets grew 10.8% a year over the last 5 years and 10.6% a year over 10 years, including 2 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Oct 2024 | Home Federal Savings Bank Rochester, MN | $1.1B |
| Sep 2022 | Metro Phoenix Bank Phoenix, AZ | $399M |
| Jan 2016 | Beacon Bank Shorewood, MN | $350M |
| Jun 2014 | Private Bank Minnesota Minneapolis, MN | $143M |
| Nov 2009 | Prosperan Bank Oakdale, MN | $197M |
| Jul 2009 | BANKFIRST Sioux Falls, SD | $211M |
| Jan 2007 | Alerus Interim, National Association Minnetonka, MN | $6M |
| Nov 1991 | First Federal Savings and Loan Association of Fargo, F.A. Fargo, ND | $39M |
| Apr 1991 | Northwood State Bank Northwood, ND | $26M |
| Apr 1991 | West Fargo State Bank West Fargo, ND | $54M |
| Feb 1990 | First National Bank South Grand Forks, ND | $24M |
Where they operate
27 branches in 17 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Hennepin County, MN | $1.9B | 1.3% | 11 of 68 |
| Cass County, ND | $611M | 5.4% | 6 of 28 |
| Grand Forks County, ND | $584M | 20.3% | 1 of 15 |
| Olmsted County, MN | $364M | 6.6% | 4 of 19 |
| Maricopa County, AZ | $252M | 0.1% | 28 of 55 |
| Waukesha County, WI | $77M | 0.4% | 28 of 34 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 11 branches since 2016 (16 to 27, +68.8%). 5 opened, 21 acquired, 15 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 16 | |||
| 2016 | Acquired Beacon BankClosed 3 in 2 states | 6 | 3 | +3 | 19 |
| 2018 | Opened MesaClosed Duluth | 1 | 1 | 0 | 19 |
| 2019 | Sold 1 branch to Frandsen Bank & TrustClosed Duluth and Grand Forks | 0 | 3 | −3 | 16 |
| 2020 | Closed Grand Forks | 0 | 1 | −1 | 15 |
| 2021 | Opened Grand Forks | 1 | 0 | +1 | 16 |
| 2022 | Acquired Metro Phoenix Bank | 1 | 0 | +1 | 17 |
| 2023 | Closed Mesa | 0 | 1 | −1 | 16 |
| 2024 | Acquired Home Federal Savings BankOpened Shoreview, closed Shorewood | 15 | 1 | +14 | 30 |
| 2025 | Opened FargoClosed 3 in 2 states | 1 | 3 | −2 | 28 |
| 2026 through Q2 | Opened EaganClosed Eagan and Rochester | 1 | 2 | −1 | 27 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 37% | 24% | |
| 1-4 family residential | 29% | 17% | |
| Business (C&I) | 16% | 17% | |
| Multifamily | 9% | 8% | |
| Construction and land | 3% | 6% | |
| Farmland | 1% | 10% | |
| Agricultural | 1% | 12% | |
| Consumer | 1% | 5% | |
| Other | 2% | 2% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 67% | 57% | |
| Noninterest-bearing | 19% | 17% | |
| Time deposits | 14% | 26% |
Brokered deposits are 0.2% of deposits (peers 4.4%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.26% | 0.90% |
| Net charge-offs, annualized | 0.47% | 0.13% |
| Reserves to loans | 1.19% | 1.17% |
| Leverage ratio | 9.26% | 9.63% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in North Dakota
Largest competitors in Hennepin County, MN
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/alerus