Alerus Financial completed the Metro Phoenix Bank for $85m.

Alerus Financial, a diversified financial services company, completed the acquisition of Metro Phoenix Bank, the largest full-service community bank headquartered in Phoenix, for $85m. "Alerus has a long history of successful strategic acquisitions that strengthen our ability to provide diversified financial services to clients across the country. The addition of Metro Phoenix Bank will complement our business model and enhance our ability in Phoenix to offer commercial lending and banking services. We are honored to welcome our new team members and clients, and we look forward to continue providing them with excellent client service and growing these relationships with the diversified products that make Alerus unique among financial service providers," Randy Newman, Alerus President and CEO.