back Back

Alerus completes acquisition of Metro Phoenix Bank

By Edlyn Cardoza

July 05, 2022

  • Alerus Financial Corporation
  • Arizona
  • Banking
Share

Alerus Financial Corporation, Metro Phoenix Bank, SMBs, Metropolitan Statistical Area, Phoenix, USAAlerus Financial Corporation recently announced it has completed the previously announced acquisition of MPB BHC, Inc., the bank holding company for Metro Phoenix Bank. Founded in 2007, Metro Phoenix Bank is the largest full-service community bank headquartered in Phoenix, with approximately $453 million in total assets, $280 million in total loans, and $402 million in total deposits as of March 31, 2022. Metro Phoenix Bank operates one branch in Phoenix, serving small- and medium-sized businesses throughout the metro area.

The transaction represents the largest bank acquisition in Alerus’ history and the twenty-fifth acquisition for the Company since 2000. It is the first all-stock acquisition for the Company, which began trading on Nasdaq in 2019.

Alerus has been operating in the Arizona market since 2009 and added Metro Phoenix Bank as part of its long-term plan to continually expand its four business segments—banking, retirement and benefits services, wealth management, and mortgage. The acquisition significantly increases its presence in Arizona. The Company now has the fifth largest deposit market share in the Phoenix metropolitan statistical area (MSA) among community banks, with approximately $516 million in total deposits, and will operate three branch locations in Arizona (Phoenix, Scottsdale, and Mesa). Together, Alerus and Metro Phoenix Bank led the market in U.S. Small Business Administration 7(a) loan production volume in the first quarter of 2022, an area of lending which will continue to be a focus for Alerus.

“We are pleased to welcome the clients and employees of Metro Phoenix Bank to Alerus,” said Alerus President and Chief Executive Officer Katie Lorenson. “This talented team has a proven history of strong credit and organic growth. Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings. We look forward to working together to strengthen our presence in one of the fastest-growing metropolitan areas in the country. Alerus has a long history of successfully executing and integrating acquisitions, and we believe this combination will provide positive results for our shareholders, clients, and employees.”

Alerus will transition Metro Phoenix Bank client accounts to Alerus systems in the third quarter of 2022. Additional information will be provided to clients in advance of the conversion date to ensure a seamless transition. Steve Haggard, President and CEO of Metro Phoenix Bank, will join the Company as President of its Arizona market, providing leadership continuity for Metro Phoenix Bank clients and employees. He will also join Alerus’ leadership team and contribute to Alerus’ long-term strategic decision-making, including continued Arizona market growth.

“Our companies share similar business philosophies, so as we looked for a long-term partner, Alerus stood out as an acquirer of choice for the benefit of our clients, our employees, and our shareholders,” said Haggard. “Alerus provides the broader product offerings and resources our clients desire, along with an existing market presence and a long-term commitment to the area. Joining with Alerus means we can uniquely provide the right mix of banking, mortgage, wealth management, and retirement and benefits products and personalized service that businesses, their owners, and their employees need to reach their goals – now and into the future.”

Previous Article

July 05, 2022

ASUS partners with 2C2P for a more seamless online shopping experience

Read More
Next Article

July 05, 2022

Tide and Transcorp to roll-out RuPay powered Expense Card

Read More






IBSi Daily News Analysis

May 28, 2024

Alerus Financial Corporation

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 28, 2024

Chetwood Financial acquires CHL Mortgages for Intermediaries

Read More

May 28, 2024

InCred Capital appoints Vikram Agarwal as its Chief Operating Officer

Read More

May 28, 2024

AbleCredit secures $1.25m in seed funding led by Merak Ventures

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023