rebranded itself as simply Alerus, though its legal name did not change. In 2016, Alerus purchased Beacon Bank in the Twin Cities and Duluth, Minnesota, adding 5 bank branches to its network. It also purchased Alliance Benefit Group North Central States, Inc. (ABG), in Albert Lea, Minnesota. Through the ABG acquisition, Alerus expanded its offerings to include HSA/FSA/HRA, payroll administration, and COBRA services. The company also renamed its retirement division from Alerus Retirement Solutions to Alerus Retirement and Benefits to reflect its expanded capabilities and service offerings. In 2018, Alerus opened a full-service banking and wealth management office in Mesa, Arizona. In 2019, Alerus completed its initial public offering (IPO) by raising $62.8 million. The company began trading on the NASDAQ under the ticker symbol ALRS. By October 2020, the company had grown to become the 18th-largest bank in the Twin Cities metro area in Minnesota. In December 2020, Alerus acquired Littleton, Colorado-based Retirement Planning Services Inc., a provider of retirement and health benefits administration. The transaction represented Alerus' 11th acquisition in the retirement and benefits vertical since 2003 and increased Alerus' assets under administration and management to approximately $31.5 billion. The acquisition also expanded Alerus' geographic footprint to the Rocky Mountain region of the U.S. Today Alerus is a diversified financial services company headquartered in Grand Forks, North Dakota. It operates full-service banks and wealth management offices in Greater Grand Forks, Northwood, and Fargo-Moorhead, North Dakota, the Minneapolis-St. Paul metropolitan area, and Scottsdale and Mesa, Arizona. Alerus Retirement and Benefits plan administration offices are located in St. Paul and Albert Lea, Minnesota, East Lansing and Troy, Michigan, and Bedford, New Hampshire. Alerus serves customers in 50 states. See also Alerus Center: sponsored arena First National Bank (Grand Forks, North Dakota): former headquarters References External links Companies based in North Dakota American companies established in 1879 Banks established in 1879 Banks based in North Dakota Companies listed on the Nasdaq