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Overview / Commentary
800-279-3200
401 Demers Avenue
Grand Forks, ND 58201

Alerus Financial is headquartered in Grand Forks and is the 5th largest bank in the state of North Dakota. It is also the 506th largest bank in the nation. It was established in 1933 and as of March of 2014, it had grown to 564 employees at 15 locations. Alerus Financial has a A+ health rating.

Reviews (2)

5 Stars? COMMON!!!

Alerus was once a great bank to work with! However that was when I opened the account with a little cash $5000 or so. However when that money dwindled down they have been less than caring and look for every opportunity to nickle and dime you!

I am disgusted with there system set up to get you with every and any chance they get.

I'll be closing my account today thanks for nothing Alerus!!!

Great Bank!

The friendliest and most sincere customer service and tellers. I LOVE MY BANK! They remember my name when I walk in the door. These guys take care of their customers. Highly recomended!



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Alerus Financial had $2.34 million in non-current loans and owned real-estate with $169.99 million in equity and loan loss allowances on hand to cover it. This gives Alerus Financial a Texas Ratio of 1.37% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Alerus Financial decreased dramatically from 2.92% as of March 31, 2013 to 1.37% as of March 31, 2014, resulting in a positive change of 52.86%.This indicates that the balance sheet and financial strength for Alerus Financial has improved dramatically in recent periods.

Deposit Growth

GRADE:
A

In the past year, Alerus Financial has increased its total deposits by $40.75 million, resulting in 3.6% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Alerus Financial has shown is excellent.

Capitalization

GRADE:
A+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Alerus Financial has $1.36 billion in assets with $169.99 million in equity, resulting in a capitalization level of 12.46%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #3931
Year Established1933
Employees564
Primary RegulatorOCC
Assets and Liabilities
Assets$1.36 billion
Loans$928.92 million
Deposits$1.17 billion
Equity Capital$153.61 million
Loan Loss Allowance$16.39 million
Unbacked Noncurrent Loans$828,000
Real Estate Owned$1.51 million
Historic Data - March 2013
Assets$1.32 billion
Equity Capital$142.47 million
Loan Loss Allowance$15.08 million
Unbacked Noncurrent Loans$828,000
Real Estate Owned$1.49 million
Profit Margin - Quarterly
Net Interest Margin3.71%
Return on Assets1.31%
Return on Equity11.93%
Interest Income$12.29 million
Rates
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Alerus Financial CD Rates

DetailsAPYMINMAXPRODUCT
1.75%$75k$250k84 Month CD
1.20%$75k$250k60 Month CD
1.05%$75k$250k48 Month CD
0.75%$75k$250k36 Month CD
0.60%$75k$250k30 Month CD
0.50%$75k$250k24 Month CD
0.35%$75k$250k18 Month CD
0.34%$1k$250k6 Month Alerus Life CD
0.30%$75k$250k12 Month CD
0.20%$75k$250k6 Month CD
Locations

Alerus Financial has 14 locations. Click to view all Alerus Financial locations.