Quick Take
Alerus Financial (OTCQX:ALRS) has filed to raise $75 million in an IPO of its common stock, per an S-1/A registration statement.
The company is a commercial bank that also provides wealth management services to its clients.
Alerus has a promising combination of banking and wealth management services but the IPO appears excessively priced.
Company & Business
Grand Forks, North Dakota-based Alerus was founded in 1879 as the Bank of Grand Forks, changed its name to ‘Alerus Financial’ in 2010 and provides businesses with banking, retirement and benefit services, as well