Alerus Financial
Encyclopedia
Alerus Financial, headquartered in Grand Forks, North Dakota
, is a chain of financial institutions located throughout North Dakota
, Minnesota
and Arizona
. Alerus offers personal banking, business banking, and agribusiness banking.
Alerus Financial's history dates back to August 29, 1879 with the formation of the Bank of Grand Forks by Mr. S. S. Titus. The bank was the second bank chartered in Dakota Territory
. At the time, the bank was located in the back of a smokehouse on South Third Street in downtown Grand Forks
. The bank quickly outgrew its building and moved into a new brick structure at the corner of South Third Street and Kittson Avenue.
In 1881, the bank took out a federal charter and became known as Citizens National Bank. On July 1, 1890, the bank purchased another Grand Forks bank and took on the name of the other bank: First National Bank. In 1896, the newly merged First National Bank moved into the St. John's Block building at the corner of DeMers Avenue and Third Street. This corner was viewed by most as the commercial center of Grand Forks and the bank's five-story building dominated the intersection. The bank later relocated to another five-story building which was located at 322 DeMers Avenue, one block west of the St. John's Block.
The bank's headquarters would remain in this building until the devastating Red River
Flood of 1997. During the disaster, the bank's downtown building was both flooded and almost destroyed in a fire which burned out of control. After the flood, the bank moved their corporate headquarters to a location in south Grand Forks and moved their downtown location into a new city-owned office complex known as the Corporate Center. The vacated 322 DeMers Avenue building was totally remodeled by another party and is now an office building.
In 2000, First National Bank changed their name to Alerus Financial. The new name comes from the Latin
word aleria which means "to take flight". In 2001, the city of Grand Forks opened a huge indoor stadium and convention center known as the Alerus Center
. Alerus Financial had purchased the naming rights for this facility.
Today, Alerus Financial operates banks throughout the Greater Grand Forks
and Fargo-Moorhead
metropolitan areas of North Dakota and has recently entered Minnesota's Minneapolis-Saint Paul metropolitan area and Phoenix, AZ.
Grand Forks, North Dakota
Grand Forks is the third-largest city in the U.S. state of North Dakota and the county seat of Grand Forks County. According to the 2010 census, the city's population was 52,838, while that of the city and surrounding metropolitan area was 98,461...
, is a chain of financial institutions located throughout North Dakota
North Dakota
North Dakota is a state located in the Midwestern region of the United States of America, along the Canadian border. The state is bordered by Canada to the north, Minnesota to the east, South Dakota to the south and Montana to the west. North Dakota is the 19th-largest state by area in the U.S....
, Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...
and Arizona
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
. Alerus offers personal banking, business banking, and agribusiness banking.
History
Dakota Territory
The Territory of Dakota was an organized incorporated territory of the United States that existed from March 2, 1861, until November 2, 1889, when the final extent of the reduced territory was split and admitted to the Union as the states of North and South Dakota.The Dakota Territory consisted of...
. At the time, the bank was located in the back of a smokehouse on South Third Street in downtown Grand Forks
Downtown Grand Forks
Downtown Grand Forks is the original commercial center of Grand Forks, North Dakota. Located on the western bank of the Red River of the North, the downtown neighborhood is situated near the fork of the Red River and the Red Lake River. While downtown is no longer the dominant commercial area of...
. The bank quickly outgrew its building and moved into a new brick structure at the corner of South Third Street and Kittson Avenue.
In 1881, the bank took out a federal charter and became known as Citizens National Bank. On July 1, 1890, the bank purchased another Grand Forks bank and took on the name of the other bank: First National Bank. In 1896, the newly merged First National Bank moved into the St. John's Block building at the corner of DeMers Avenue and Third Street. This corner was viewed by most as the commercial center of Grand Forks and the bank's five-story building dominated the intersection. The bank later relocated to another five-story building which was located at 322 DeMers Avenue, one block west of the St. John's Block.
The bank's headquarters would remain in this building until the devastating Red River
Red River of the North
The Red River is a North American river. Originating at the confluence of the Bois de Sioux and Otter Tail rivers in the United States, it flows northward through the Red River Valley and forms the border between the U.S. states of Minnesota and North Dakota before continuing into Manitoba, Canada...
Flood of 1997. During the disaster, the bank's downtown building was both flooded and almost destroyed in a fire which burned out of control. After the flood, the bank moved their corporate headquarters to a location in south Grand Forks and moved their downtown location into a new city-owned office complex known as the Corporate Center. The vacated 322 DeMers Avenue building was totally remodeled by another party and is now an office building.
In 2000, First National Bank changed their name to Alerus Financial. The new name comes from the Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...
word aleria which means "to take flight". In 2001, the city of Grand Forks opened a huge indoor stadium and convention center known as the Alerus Center
Alerus Center
The Alerus Center is an indoor arena and convention center located in Grand Forks, North Dakota. The facility is owned and operated by the city of Grand Forks and opened on February 10, 2001. The arena's major tenant is the University of North Dakota Fighting Sioux football team. The arena also...
. Alerus Financial had purchased the naming rights for this facility.
Today, Alerus Financial operates banks throughout the Greater Grand Forks
Greater Grand Forks
According to the 2006–2008 American Community Survey, the population of the Greater Grand Forks metro area was 97,260, of which 50.9% were male and 49.1% were female.-Age:* Under 5 years: 6.3%* 5–9 years: 5.5%* 10–14 years: 6.1%* 15–19 years: 9.6%...
and Fargo-Moorhead
Fargo-Moorhead
Fargo-Moorhead is a common name given to the metropolitan area comprising Fargo, North Dakota, Moorhead, Minnesota, and the surrounding communities. These two cities lie on the North Dakota-Minnesota border, on opposite banks of the Red River of the North...
metropolitan areas of North Dakota and has recently entered Minnesota's Minneapolis-Saint Paul metropolitan area and Phoenix, AZ.