Update: The deal announced in December 2021 has been completed. Click on the article below to read more about this transaction.
- Seeking Alpha - Update (July 1, 2022)
December 13, 2021 - Alerus Financial Corporation Press Release
Alerus Financial Corporation Announces Acquisition of MPB BHC, Inc.
The BFKN Financial Institutions Group served as legal counsel to Alerus Financial Corporation (“Alerus”) (NASDAQ: ALRS) in the acquisition of MPB BHC, Inc. (“MPHX”) (OTCPK: MPHX), the bank holding company for Metro Phoenix Bank, the largest full-service community bank headquartered in Phoenix.
The acquisition is the twenty-fifth for Alerus since 2000 and is considered part of its long-term plan to continually broaden its four business segments—banking, retirement and benefits services, wealth management, and mortgage. Following the closing of the transaction, Alerus will have the fifth largest deposit market share in the Phoenix metropolitan statistical area (MSA) among community banks.
“The addition of Metro Phoenix Bank will complement our business model and enhance our ability in Phoenix to offer commercial lending and banking services. We are honored to welcome our new team members and clients, and we look forward to continue providing them with excellent client service and growing these relationships with the diversified products that make Alerus unique among financial service providers,” said Alerus President and Chief Executive Officer Randy Newman.
BFKN’s legal team was led by Joseph T. Ceithaml and Nicholas M. Brenckman. Employment matters were handled by Andrew K. Strimaitis and Allison N. Powers.
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