Alerus Financial Corporation (NASDAQ: ALRS) is pleased to announce it has received the Raymond James Community Bankers Cup award for 2020. Now in its ninth year, this prestigious award recognizes the top 10% of 241 publicly traded community banks in the U.S. with assets between $500 million and $10 billion.
Recipients demonstrated superior financial performance in one or more of six financial performance and stability areas, as identified and measured by Raymond James. Those areas include: nonperforming assets to loans and real estate owned, five-year average core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity.
“This award recognizes the value of our business model and meaningful work we provide to clients. Our company continues to achieve incredible financial performance, despite a global pandemic and economic downturn,” said Alerus Chief Financial Officer Katie Lorenson. “It is an honor to be among a select few community banks across the nation that outperformed the NASDAQ Bank Index.”
Alerus was one of just 25 organizations to receive the 2020 Community Bankers Cup and one of seven first-time recipients. 2020 was the first year Alerus was eligible to receive the award, after becoming publicly traded on Nasdaq in September 2019.
About Alerus Financial Corporation
Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, ND. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments—banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, ND, the Minneapolis-St. Paul, MN metropolitan area and Scottsdale and Mesa, AZ. Alerus Retirement and Benefits plan administration offices are located in St. Paul, MN, East Lansing, MI, and Littleton, CO.