Merger • Financial Services

Alerus Financial Acquires Home Federal

On May 15, 2024, Alerus Financial acquired financial services company Home Federal for 116M USD

Acquisition Context
  • This is Alerus Financial’s 2nd transaction in the Financial Services sector.
  • This is Alerus Financial’s largest (disclosed) transaction.
  • This is Alerus Financial’s 2nd transaction in the United States.

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M&A Deal Summary

Date May 15, 2024
Target Home Federal
Sector Financial Services
Buyer(s) Alerus Financial
Deal Type Merger
Deal Value 116M USD
Advisor(s) D.A. Davidson (Financial)
Ballard Spahr (Legal)

Target Company

Home Federal

Rochester, United States
Home Federal is a savings bank with 12 branches in Minnesota and one branch in Iowa and Wisconsin. It currently has $1.1 billion in total assets, which include approximately $876.6 million in loans and $983.2 million in total deposits. Home Federal was formed in 1934 and is based in Rochester, New York.
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Buyer Overview 1

Buyer

Alerus Financial

Grand Forks, North Dakota, United States

Category Company
Founded 1879
Sector Financial Services
Employees709
Revenue 216M USD (2024)
DESCRIPTION

Alerus Financial is a diversified financial services company that operates Alerus Financial and National Association to provide innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments: banking, retirement and benefit services, wealth management, and mortgage. Alerus Financial was incorporated in 1879 and is based in Grand Forks, North Dakota.


Deal Context for Buyer #
Overall 2 of 2
Sector: Financial Services 2 of 2
Type: Merger 1 of 1
Country: United States 2 of 2
Year: 2024 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-02 RPS

Littleton, Colorado, United States

RPS provides retirement and health benefits administration for more than 1,000 plans, 48,000 plan participants, 300 COBRA clients, and 10,000 COBRA member. RPS is based in Littleton, Colorado.

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