Posted on January 15, 2019
Richard Hoban, Frandsen Financial Corporation’s (“FFC”) director of corporate development has announced that Frandsen Bank & Trust (“FB&T”) plans to purchase the Duluth, Minn. banking operation of Alerus Financial, N. A. (“Alerus”), including the branch office located at 331 West Superior Street. A purchase agreement has been signed, with an anticipated closing date of April 26, 2019, pending regulatory approval from the Federal Reserve Bank and the Minnesota Department of Commerce. The office will operate under the Frandsen Bank & Trust name following the closing date.
FFC CEO Charles Mausbach states, “This purchase is part of a strategic move to acquire banking assets in high growth markets so we’re looking forward to expanding our presence in Duluth. We opened our first office here a little over a year ago in an effort to serve the area residents and businesses better than we were from our Cloquet location.” FB&T will be acquiring approximately $27 million in deposits and $40 million in loans from Alerus. The deal does not include any Alerus wealth management or trust accounts. Mausbach continues, “Alerus’s customers, both retail and commercial, can expect the same great service they’re used to. FB&T and Alerus share very similar ‘community- and customer-first’ philosophies.”
Once the deal receives regulatory approval, Alerus’s Duluth customers can expect to receive additional information from FB&T regarding their banking accounts and services. Mausbach adds, “We’ve purchased a number of banks over the years and we’ve learned from every acquisition. Our ultimate goal is to make the transition a seamless one for the Alerus customers.”
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