M&A Deal Summary

Alerus Financial Acquires Home Federal

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

Acquisition Highlights
  • 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.

M&A Deal Summary
Date 2024-05-15
Target Home Federal
Sector Financial Services
Buyer(s) Alerus Financial
Deal Type Merger
Deal Value 116M USD
Advisor(s) D.A. Davidson & Co. (Financial)
Ballard Spahr (Legal)

Target

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(S) 1

Buyer

Alerus Financial

Grand Forks, North Dakota, United States
Category Company
Founded 1879
Sector Financial Services
Employees709
Revenue 166M USD (2023)
DESCRIPTION

Alerus Financial is a diversified financial services company headquartered in Grand Forks, N.D. Through our subsidiary, Alerus Financial, National Association, we provide innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments—banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology. Alerus Financial was incorporated in 1879 and is based in Grand Forks, North Dakota.

DEAL STATS #
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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