Alerus Financial Corporation has acquired Metro Phoenix Bank, the largest full-service community bank headquartered in Phoenix, Arizona, representing its first all-stock acquisition.
The acquisition boosts Alerus’ presence in Arizona and strengthens its ability to provide diversified financial services to clients across the country. It also expands the business across banking, retirement and benefits services, wealth management, and mortgages.
Additionally, Metro Phoenix Bank complements Alerus’ business model and enhances its ability in Phoenix to offer commercial lending and banking services.
According to Alerus, it now has the fifth-largest deposit market share in the Phoenix metropolitan statistical area among community banks and will operate three branch locations in Arizona — Phoenix, Scottsdale, and Mesa.
Metro Phoenix Bank client accounts will transition to Alerus systems in the third quarter of 2022. Steve Haggard, president and CEO of Metro Phoenix Bank, will join Alerus as president of its Arizona market, providing leadership continuity for Metro Phoenix Bank clients and employees.
Haggard will also join Alerus’ leadership team and support long-term decision-making.
“Alerus provides the broader product offerings and resources our clients desire, along with an existing market presence and a long-term commitment to the area,” said Haggard.
“Joining with Alerus means we can uniquely provide the right mix of banking, mortgage, wealth management, and retirement and benefits products and personalized service that businesses, their owners, and their employees need to reach their goals — now and into the future.”
Katie Lorenson, Alerus president and CEO, concluded: “Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings.”