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Alerus Financial NA to buy Minnesota-based Beacon Bank

Sep 23, 2015 - SNL Financial
Mergers and Acquisitions

Grand Forks, N.D.-based Alerus Financial NA ($1.56 billion), a unit of Alerus Financial Corp., agreed to acquire Shorewood, Minn.-based Beacon Bank ($352.2 million), a subsidiary of Excelsior Financial Services Inc., according to a Sept. 22 news release.

Alerus will pay an aggregate purchase price of $56 million, $10 million of which will be allocated to the assumption of trust preferred securities, and the balance of which will be payable in cash. According to SNL analysis, the deal value...