Transaction Expands Alerus Footprint into
Rochester, MN MSA
Jeffrey Bolton Joins Board of
Directors
Alerus Financial Corporation (Nasdaq: ALRS) and its wholly owned
subsidiary, Alerus Financial, National Association, (together,
“Alerus”) announced today they have completed the previously
announced acquisition of HMN Financial, Inc. (Nasdaq: HMNF) and its
wholly owned subsidiary, Home Federal Savings Bank (together, “Home
Federal”). Under the terms of the transaction, HMN Financial, Inc.
merged with and into Alerus Financial Corporation, and Home Federal
Savings Bank merged with and into Alerus Financial, National
Association. The all-stock transaction is valued at approximately
$128.8 million as of closing.
Founded in 1934, Home Federal includes 12 branches in Minnesota
and one branch in each of Iowa and Wisconsin. As of June 30, 2024,
HMNF had, on a consolidated basis, $1.1 billion in total assets,
which included approximately $876.6 million in loans and $983.2
million in total deposits.
The transaction expands the Alerus franchise into Rochester,
Minnesota and represents the largest bank acquisition in Alerus’
history. Alerus has now completed twenty-six acquisitions since
2000 as part of its long-term plan to continually expand its
business segments, including banking, wealth services, and
retirement and benefits plans and services. With the addition of
Home Federal, Alerus now has approximately $5.5 billion in total
assets, $3.8 billion in total loans, $4.3 billion in total
deposits, and assets under administration and management of
approximately $43.6 billion, with 29 locations across the Midwest,
as well as Arizona.
“We are pleased to welcome Home Federal’s clients and employees
to Alerus and look forward to providing enhanced products and
services with greater capacity to clients in the Rochester,
Minnesota, market and throughout our expanded footprint,” said
Alerus President and Chief Executive Officer Katie Lorenson.
“Alerus has a long history of successful acquisitions and is one of
the most diversified financial services companies in the country.
Combining our capabilities and shared focus on client service will
provide positive results for our clients, our team members, and our
stockholders.”
Alerus expects to transition Home Federal client accounts to
Alerus systems in the fourth quarter of 2024. Until this transition
occurs, Home Federal clients will continue to be served through
Home Federal’s website, mobile app, and branches. Additional
information will be provided to clients in advance of conversion to
ensure a seamless transition to Alerus systems.
In addition, Alerus is pleased to announce HMN Financial, Inc.
board member Jeffrey Bolton has joined Alerus Financial
Corporation’s board of directors in connection with closing.
Mr. Bolton brings extensive expertise in healthcare
administration, business, and finance to the board of directors. He
is the former chief administrative officer at Mayo Clinic, a
position he held from 2013 until his retirement in 2021. Prior to
his role as chief administrative officer, he served as Mayo
Clinic’s chief financial officer from 2002 until 2013. He was also
a member of Mayo Clinic’s board of trustees from 2011 until his
retirement. Prior to his time at Mayo Clinic, Mr. Bolton served in
various business and finance-related positions at Carnegie Mellon
University, including chief financial officer and vice president
for business and planning.
Raymond James & Associates, Inc. served as financial advisor
and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as
legal counsel to Alerus on the transaction. D.A. Davidson & Co.
served as financial advisor and Ballard Spahr LLP served as legal
counsel to HMN Financial, Inc.
About Alerus Financial Corporation
Alerus Financial Corporation (Nasdaq: ALRS) is a commercial
wealth bank and national retirement services provider with
corporate offices in Grand Forks, North Dakota, and the
Minneapolis-St. Paul, Minnesota metropolitan area. Through its
subsidiary, Alerus Financial, National Association, Alerus provides
diversified and comprehensive financial solutions to businesses and
consumer clients, including banking, wealth services, and
retirement and benefits plans and services. Alerus provides clients
with a primary point of contact to help fully understand the unique
needs and delivery channel preferences of each client. Clients are
provided with competitive products, valuable insight, and sound
advice supported by digital solutions designed to meet the clients’
needs.
Alerus operates 29 banking and wealth offices, with locations in
Grand Forks and Fargo, North Dakota; the Minneapolis-St. Paul,
Minnesota metropolitan area; Rochester, Minnesota; southern
Minnesota, Marshalltown, Iowa; Pewaukee, Wisconsin, and Phoenix and
Scottsdale, Arizona. Alerus also operates a commercial wealth
office in La Crosse, Wisconsin. Alerus Retirement and Benefits
serves advisors, brokers, employers, and plan participants across
the United States.
Special Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, statements concerning
plans, estimates, calculations, forecasts and projections with
respect to the anticipated future performance of Alerus Financial
Corporation (“AFC”) and HMN Financial, Inc. (“HMNF”) and certain
plans, expectations, goals, projections and benefits relating to
the merger of HMNF with and into AFC (the “Merger”), all of which
are subject to numerous assumptions, risks and uncertainties. These
statements are often, but not always, identified by words such as
“may,” “might,” “should,” “could,” “predict,” “potential,”
“believe,” “expect,” “continue,” “will,” “anticipate,” “seek,”
“estimate,” “intend,” “plan,” “projection,” “would,” “annualized,”
“target” and “outlook,” or the negative version of those words or
other comparable words of a future or forward-looking nature.
Examples of forward-looking statements include, among others,
statements AFC makes regarding the potential effects of the Merger
on AFC.
Forward-looking statements are not historical facts but instead
express only management’s beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management’s control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. In addition to factors disclosed in reports filed by
AFC and HMNF with the SEC, risks and uncertainties for AFC as the
combined company following the Merger that may cause actual results
or outcomes to differ materially from those anticipated include,
but are not limited to: (1) the possibility that any of the
anticipated benefits of the proposed Merger will not be realized or
will not be realized within the expected time period; (2) the risk
that integration of HMNF’s operations with those of AFC will be
materially delayed or will be more costly or difficult than
expected; (3) AFC’s inability to meet expectations regarding the
timing of the Merger; (4) changes to tax legislation and their
potential effects on the accounting for the Merger; (5) diversion
of managements’ attention from ongoing business operations and
opportunities due to the Merger; (6) the challenges of integrating
and retaining key employees; (7) the effect of the announcement of
the Merger on AFC’s customer and employee relationships and
operating results; (8) the possibility that the Merger may be more
expensive to complete and integrate than anticipated, including as
a result of unexpected factors or events; (9) the dilution caused
by AFC’s issuance of additional shares of AFC’s common stock in
connection with the Merger; and (10) changes in the global economy
and financial market conditions and the business, results of
operations and financial condition of AFC. Please refer to AFC’s
Annual Report on Form 10-K for the year ended December 31, 2023,
filed on March 8, 2024, and the parties’ joint proxy
statement/prospectus included in AFC’s Registration Statement on
Form S-4 (Registration Statement No. 333-280815), filed with the
SEC on July 15, 2024, as amended on July 29, 2024, and declared
effective on July 31, 2024, as well as both parties’ other filings
with the SEC, for a more detailed discussion of risks,
uncertainties and factors that could cause actual results to differ
from those discussed in the forward-looking statements.
Any forward-looking statement included in this report is based
only on information currently available to management and speaks
only as of the date on which it is made. AFC does not undertake any
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241009313689/en/
Media contacts: Kris Bevill 701.280.5076 (Office) ::
701.306.8561 (Cell) kris.bevill@alerus.com
Missy Keney 701.280.5120 (Office) :: 218.791.6818 (Cell)
missy.keney@alerus.com
Alerus Financial (NASDAQ:ALRS)
過去 株価チャート
から 11 2024 まで 12 2024
Alerus Financial (NASDAQ:ALRS)
過去 株価チャート
から 12 2023 まで 12 2024
