90-year-old Rochester bank Home Federal Savings Bank merges with Alerus Financial Corp in a $116.4M deal, forming a $5.5B asset entity across four states.
90-year-old Rochester bank Home Federal Savings Bank is merging with North Dakota's Alerus Financial Corp. in a $116.4 million deal. The combined entity will have around $5.5 billion in total assets, $3.7 billion in total loans, and operate across four states. Home Federal operates 12 branches in Minnesota, along with branches in Iowa and Wisconsin. The merger is expected to be completed by the end of 2024.
May 15, 2024
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