Alerus Financial Announces Purchase of Tegrit Administrators, LLC
GRAND FORKS, ND (August 8, 2013) – Alerus Financial N.A. (OTCQB: ALRS) will purchase the assets of Tegrit Administrators, LLC, effective September 30, 2013. The acquisition, consisting of 1,875 retirement plans with more than 30,000 participants, will increase the wealth management assets of Alerus Financial by $1.3 billion in assets.
“The vast majority of the clients Alerus will serve from this transaction are located in Michigan, where we currently have two offices with 26 employees,” said John Flesch, director of wealth management services for Alerus Financial. Flesch further comments, “The purchase aligns with our strategies of expanding our presence in the state of Michigan by leveraging our local expertise and the existing retirement plan services infrastructure.”
With over 65 years in retirement services, Alerus currently services over 2,500 retirement plans with more than 180,000 retirement plan participants throughout the United States. Operating as Alerus Retirement Solutions, it ranks within the top record keepers nationally including 30th for number of sponsors, 42nd for number of plan participants, and 38th for size of plan assets under record keeping.1 Additionally, Alerus ranks 86th out of 1,500 banks with trust departments based on 2012 year-end revenue.2
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1 Source: Pension & Investments.