- Alerus Financial ( NASDAQ: ALRS ) has completed the acquisition of MPB BHC ( OTCPK:MPHX ), the bank holding company for Metro Phoenix Bank, with a view to increase its presence in Arizona.
- ALRS has 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.
- Metro Phoenix Bank client accounts will be transitioned to Alerus systems in Q3.
- Metro Phoenix Bank President and CEO Steve Haggard is set to join Alerus as president for Arizona market.
- D.A. Davidson & Co. was a financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP was legal counsel to Alerus.
- Raymond James & Associates, Inc. was the financial advisor and Spierer, Woodward, Corbalis, & Goldberg was legal counsel to Metro Phoenix Bank.
- Source: Press Release
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Alerus Financial completes acquisition of Metro Phoenix Bank holding company