Alerus Financial is a diversified financial services company headquartered in Grand Forks, North Dakota, operating three businesses — commercial banking, retirement and benefit services, and wealth management — delivered together under a "One Alerus" model. The banking business is a traditional commercial and consumer bank targeting businesses with $1M–$100M in revenue, with a focus on mid-market C&I lending and full commercial relationships that include treasury management, deposits, and loans. Alerus operates bank branches across North Dakota, the Twin Cities and Rochester markets in Minnesota, and Phoenix, Arizona. The retirement and benefit services business provides recordkeeping, plan administration, and investment advisory for employer-sponsored retirement plans (401(k), ESOP) and health and welfare benefit administration (HSA, FSA), operating nationally with roughly $45B in AUA/AUM. The wealth management business provides investment management, financial planning, trust, and brokerage services with roughly $5B in AUA/AUM. Alerus generates revenue from net interest income in banking and asset-based fee income from retirement and wealth, with fee income representing over 40% of total revenues — well above the industry average. The retirement business also provides a meaningful funding benefit to the bank, as plan clients hold low-cost deposits at Alerus. Growth priorities include organic mid-market C&I lending, expanding the wealth advisor headcount, and acquiring smaller retirement recordkeepers through bolt-on M&A.