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Alerus Financial acquires Minnesota bank

Alerus Financial announced Monday that it has acquired Twin Cities-based Private Bank Minnesota.

The Grand Forks-based bank said in a statement that the $142 million acquisition will increase its Twin Cities banking assets to about $398 million. Alerus has $1.4 billion in total banking assets. Private Bank’s downtown Minneapolis office will become an Alerus branch.

Alerus already has Minnesota branches in Maplewood, Minnetonka and Oakdale. It has 10 locations in North Dakota, and one in Arizona. 

The transaction is expected to be completed in the second quarter of this year.

“We’ve identified the Twin Cities, and also Phoenix, Ariz., as growth markets for our company,” Alerus Financial President and CEO Randy Newman said in a statement.