Alerus Financial Corporation has purchased MPB BHC, the bank holding company for Metro Phoenix Bank.

Metro Phoenix Bank is a full-service community bank with approximately $453 million in total assets.

“We are pleased to welcome the clients and employees of Metro Phoenix Bank to Alerus,” said Katie Lorenson, CEO of Alerus. “This talented team has a proven history of strong credit and organic growth. Our partnership will allow the Metro Phoenix Bank professionals to continue providing excellent service to their clients with expanded capacity and additional product offerings. We look forward to working together to strengthen our presence in one of the fastest-growing metropolitan areas in the country.”

D.A. Davidson & Co. served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel to Alerus. Raymond James & Associates served as financial advisor and Spierer, Woodward, Corbalis, & Goldberg served as legal counsel to Metro Phoenix Bank.