Alerus to acquire Metro Phoenix Bank

GRAND FORKS, N.D. • Alerus Financial Corp. said it has signed an agreement to acquire the bank holding company for Metro Phoenix Bank.

Alerus has been operating in the Phoenix market since 2009, the company said, and Metro Phoenix is the largest full-service community bank headquartered in Phoenix.

The transaction represents the 25th acquisition for Alerus since 2000 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 the Alerus presence in Arizona and, following the completion of the transaction, the company will have the fifth largest deposit market share in the Phoenix metropolitan statistical area among community banks.

“We are thrilled to expand our Arizona footprint with Metro Phoenix Bank. We believe this will allow us to continue delivering value to our shareholders while staying true to our commitment to pursue acquisitions that align with our culture and core values,”

Alerus Chief Financial Officer Katie Lorenson said in a statement on Dec. 9. Loresen, who led the negotiations for the acquisition, has since succeeded Randy Newman as Alerus president and chief executive officer.

On a pro forma basis, Alerus will operate three branch locations in Arizona (Phoenix, Scottsdale and Mesa). The combined company’s Arizona operation will have approximately $439 million in total loans and approximately $483 million in total deposits.

“We are excited about joining Alerus, and we saw a natural fit between our two companies which was compelling,” said Steve Haggard, president and CEO of Metro Phoenix Bank.

Upon completion of the transaction, Haggard will join Alerus as president of its Arizona Market.

“Our clients will benefit from the broader product set and greater resources to support our continued growth initiatives,” he said. “We have found a tremendous longterm partner with Alerus, which will benefit the shareholders, employees, and clients of Metro Phoenix Bank.”

Most people don’t just think their way into their vision. They capture it in some sort of way, typically through a visual or written medium. My team and I encourage clients to stay open minded about trying something new and experiment with the following tools:

• Journals

• Physical vision boards – using tag board and magazine cutouts

• Digital vision boards – using Pinterest or a graphic design program

• Mindfulness – using guided meditation with introspective questions

Remember, though, your vision board or vision journal isn’t a to-do list. It is a symbolic collection used to remind you of your vision and act as a source of inspiration throughout the year.

5. Bring it Full Circle

Visions aren’t just for individual leaders, so once you have your own vision established, it’s important to replicate the process for your team. Aligning teams around a shared vision is a key component of the business and leadership consulting work we do at Allegro Group, and it’s critical to building high-performance teams. It takes discipline, but the results are worth it.

Kara Jorvig is the founder and CEO of Allegro Group, a premier consulting, organizational development and talent acquisition firm in Fargo, N.D.