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How North Dakota-based Alerus Financial built a sizable Minnesota franchise February 19, 2021 2:30pm Text size Copy shortlink: A North Dakota-based financial-services firm, fresh off a 2020 initial public offering of stock and record earnings, is getting most of its growth from the Twin Cities. Grand Forks-based Alerus Financial, once known as the First National Bank of Grand Forks, has quietly built a sizable Minnesota franchise. The state is also home to several of its top executives and half of the 800 employees. The company, which has grown organically as well as through acquisitions of specialty financial firms, just reported 2020 earnings growth that rose 51% to $44.7 million. Revenue in commercial loans, mortgages, retirement-and-wealth management products rose in double-digit percentages. ....
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