Alerus buys Beacon Bank
Beacon Bank’s name soon will change with its acquisition by Alerus Financial Corp. now final.
Alerus on Friday announced the acquisition had been completed. All Beacon Bank branches are now branches of Alerus, based in Grand Forks, N.D.
In addition to its two branches in Duluth, Beacon Bank has locations in the Twin Cities area — in Excelsior, Eden Prairie and in Shorewood, where the company was based.
The acquisition expands Alerus’ Twin Cities presence to the southwest metro area as well as marking its entrance into the Duluth market.
With Beacon Bank’s banking assets of about $350 million, the acquisition boosts Alerus’ Minnesota assets to $715 million.
Besides a rebranding, Beacon Bank customers will see more products and services at the branches, including home mortgages, retirement planning and wealth management services, according to Alerus.
“Beacon Bank has built a tremendous company, and we are excited to welcome their customers and employees to Alerus,” Randy Newman, Alerus president and CEO, said in a statement. “Culturally, our two organizations are very similar, and together we continue to be focused on taking care of customers.”
Beacon Bank customer accounts will transition to the Alerus system this spring with information being sent to customers before that.
The purchase price was not revealed in Alerus’ announcement, but the Minneapolis Star Tribune and other Twin Cities media reported in September that Alerus would pay $56 million to acquire Beacon.