Alerus in North Dakota to purchase retirement companies agency

Alerus Monetary in Grand Forks, N.D., has agreed to purchase Retirement Planning Providers in Littleton, Colo.

The $2.9 billion-asset Alerus stated in a Wednesday press launch that it expects the deal to shut on Dec. 18. It didn’t disclose the worth.

Retirement Planning Providers, which operates as RPS Plan Directors and 24HourFlex, gives retirement and well being advantages administration companies for greater than 1,000 plans and 48,000 plan members.

The all-cash transaction is anticipated to be instantly accretive to Alerus’ earnings per share, including 8 cents in 2021 and 13 cents in 2022.

It will be Alerus’ eleventh buy of a retirements and advantages supplier since 2003. When the deal closes, Alerus will oversee about $31.5 billion in belongings underneath administration and administration.

The deal “is a strategic funding that permits us so as to add expertise and improve market share within the fascinating Rocky Mountain area whereas additional strengthening our rising retirement and advantages division,” Randy Newman, Alerus’s president and CEO, stated within the launch. He stated the deal aligns with the corporate’s progress technique “to develop our nationwide presence and supply diversified monetary companies to purchasers throughout the nation.”

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