Alerus Financial Expands Service Offerings with Acquisition of Alliance Benefit Group North Central States, Inc.
The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Alerus Financial, N.A. (OTCQX:ALRS) in the proposed acquisition of Alliance Benefit Group North Central States, Inc., which was announced on October 22, 2015. With locations in Albert Lea and Eden Prairie, Minnesota, Alliance Benefit Group North Central States provides recordkeeping and administration for 900 retirement plans, 75,000 participants and $6 billion in plan assets. The acquisition, which is expected to be completed in the first quarter of 2016, will increase Alerus's total assets under administration to $23 billion and further supports Alerus's national presence in the retirement plan industry. Barack Ferrazzano's legal team was led by Joseph T. Ceithaml, along with Emily N. Henkel, K.C. Klagos and paralegal Cindy C. Wang.
As of June 30, 2015, Alerus Financial, N.A. had total banking assets of approximately $1.6 billion, assets under management of approximately $2.7 billion, and assets under administration of approximately $17.8 billion.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled-over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to SNL Financial. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2015 report.