Alerus Adds Equipment Finance Team

Rhea-AI Summary

Alerus Financial (Nasdaq: ALRS) has announced the expansion of its specialty lending capabilities by adding an experienced team focused on providing equipment financing to its commercial banking clients. Brian Scott, with over 25 years of experience, joins as managing director and will oversee the team's activities. Daniel Littlefield, with over 20 years of experience, will serve as a senior credit officer, specializing in underwriting and portfolio management. Michael Ryan, also with over 20 years of experience, joins as the operations manager, responsible for developing processes and overseeing operations. Alerus' President and CEO, Katie Lorenson, emphasized that the new team will help expand the bank's business and commercial banking segment, offering opportunities to deepen relationships with existing clients and attract new ones. The team will be based in Phoenix and support Alerus' commercial bankers across its geographic footprint.

Positive

• Alerus is expanding its specialty lending capabilities, which could drive future growth.
• Brian Scott, with over 25 years of experience, joins as managing director, bringing substantial expertise.
• Daniel Littlefield, with over 20 years of experience, adds valuable expertise in credit underwriting and portfolio management.
• Michael Ryan, with over 20 years of experience, will enhance operations and process efficiency.
• The new equipment finance team aligns with Alerus' strategy to expand relationships with existing clients and attract new ones, potentially increasing revenue.
• The team will be based in Phoenix, which may offer strategic regional advantages.

Negative

• The expansion into equipment financing could bring initial setup costs and operational risks.
• Integration of the new team may require significant investment in training and development.
• There may be competitive pressures in the equipment finance market, which could impact profitability.
• The effectiveness of the new team in achieving business goals is yet to be proven.

PHOENIX--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) is pleased to announce it is expanding its specialty lending capabilities with the addition of an experienced team focused on providing equipment financing to commercial banking clients throughout the company’s geographic footprint.

Brian Scott joins Alerus as managing director of the equipment finance team. In this role, he oversees the team’s activities and guides lending activities for clients across a range of industries. Scott has over 25 years of financial industry experience and served most recently as managing director of equipment finance at Western Alliance in Phoenix, where he oversaw the equipment finance division and led business development and production.

Daniel Littlefield joins Alerus as a senior credit officer specializing in equipment finance and is responsible for the underwriting and portfolio management of Alerus’ equipment finance division. Littlefield has over 20 years of experience in the financial industry with extensive expertise in portfolio management and credit underwriting.

Michael Ryan joins Alerus as operations manager for the equipment finance team. In this role, he develops and implements processes and procedures, and oversees operations for the team. Ryan has over 20 years of financial industry experience, with expertise in equipment finance.

“It’s a pleasure to welcome this talented team to Alerus as we add new verticals to meet our clients’ needs,” said Alerus President and CEO Katie Lorenson. “Equipment finance complements our growing business and commercial banking segment. It adds opportunities to expand relationships with existing clients and provides additional offerings to attract and build long-term client relationships.”

The team will be based in Phoenix and will serve clients directly, as well as support Alerus commercial bankers throughout the company’s footprint.

About Alerus Financial Corporation

Alerus Financial Corporation (Nasdaq: ALRS) is a commercial wealth bank and national retirement services provider with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area. Through its subsidiary, Alerus Financial, N.A., Alerus provides diversified and comprehensive financial solutions to businesses and consumer clients, including banking, wealth services, and retirement and benefits plans and services. Alerus provides clients with a primary point of contact to help fully understand the unique needs and delivery channel preferences of each client. Clients are provided with competitive products, valuable insight, and sound advice supported by digital solutions designed to meet the clients’ needs.

Alerus has banking and wealth offices in Grand Forks and Fargo, North Dakota, the Minneapolis-St. Paul, Minnesota metropolitan area, and Phoenix and Scottsdale, Arizona. Alerus Retirement and Benefits serves advisors, brokers, employers, and plan participants across the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240610475147/en/

Kris Bevill, Public Relations

701.280.5076 (Office) :: 701.306.8561 (Cell)

kris.bevill@alerus.com

Source: Alerus Financial Corporation

FAQ

What recent expansion did Alerus Financial announce?

Alerus announced the addition of a new team focused on equipment financing to expand its specialty lending capabilities.

Who is the new managing director of Alerus' equipment finance team?

Brian Scott has been appointed as the managing director of Alerus' equipment finance team.

What roles do Daniel Littlefield and Michael Ryan hold at Alerus?

Daniel Littlefield is the senior credit officer, and Michael Ryan is the operations manager for the equipment finance team.

How might Alerus' new equipment finance team impact its business?

The new team is expected to enhance Alerus' business and commercial banking segment, deepen client relationships, and attract new clients.

Where will Alerus' new equipment finance team be based?

The new equipment finance team will be based in Phoenix.