Alerus Financial Corporation Acquires Metro Phoenix Bank (MPB BHC)

Alerus Financial Corporation Acquires HMN Financial, Inc. (Home Federal Savings Bank)

October 9, 2024

Financial Services

Alerus Financial Corporation completed its previously announced all-stock acquisition of HMN Financial, Inc. and its subsidiary Home Federal Savings Bank for approximately $128.8 million. The deal expands Alerus’ banking footprint into the Rochester, Minnesota MSA, makes it the largest bank acquisition in Alerus history, and adds roughly $1.1 billion in assets to the combined company; HMN board member Jeffrey Bolton joined Alerus’ board in connection with closing.

Banc of California Acquires Pacific Mercantile Bancorp

March 22, 2021

Financial Services

Banc of California, Inc. (NYSE: BANC) agreed to acquire Pacific Mercantile Bancorp (NASDAQ: PMBC) in an all-stock transaction announced March 22, 2021 and completed on October 18, 2021. The deal was valued at approximately $235 million at announcement (consideration reported at about $226 million at close) and expands Banc of California's Southern California business-banking franchise by adding roughly $1.5 billion in assets, ~$1.3 billion in deposits and ~$980 million in gross loans.

Glacier Bancorp Acquires Altabancorp (Altabank)

October 1, 2021

Financial Services

Glacier Bancorp, Inc. completed its acquisition of Altabancorp (Altabank), the largest community bank in Utah. Altabank will operate as "Altabank, Division of Glacier Bank," adding 25 branches and roughly $3.5 billion in assets and expanding Glacier's Western U.S. footprint.

U.S. Bancorp Asset Management Acquires PFM Asset Management

December 7, 2021

Financial Services

U.S. Bancorp Asset Management, Inc., a subsidiary of U.S. Bank, has completed the acquisition of PFM Asset Management LLC. PFM will continue to operate as a separate registered investment advisor and more than 250 PFM employees have joined U.S. Bank, bolstering U.S. Bank’s institutional asset management capabilities, particularly in the public-sector market.

Alera Group Acquires Muench Financial, Inc.

December 31, 2019

Wealth Management

Alera Group acquired Seattle-based Muench Financial, Inc., effective December 31, 2019. The deal brings Jon Muench and his team into Alera Group's wealth management and retirement services practice, expanding Alera's capabilities and presence in the Pacific Northwest.

Alera Group Acquires AMCORP, Inc.

December 31, 2019

Financial Services

Alera Group acquired AMCORP, Inc., a San Antonio-based benefits consulting and financial planning firm, effective December 31, 2019. The deal expands Alera Group's presence in Texas and brings AMCORP's team and local client relationships into Alera's national platform; terms were not disclosed.