Alerus Financial in Grand Forks, N.D., has agreed to buy Retirement Planning Services in Littleton, Colo.
The $2.9 billion-asset Alerus said in a Wednesday press release that it expects the deal to close on Dec. 18. It did not disclose the price.
Retirement Planning Services, which operates as RPS Plan Administrators and 24HourFlex, provides retirement and health benefits administration services for more than 1,000 plans and 48,000 plan participants.
The all-cash transaction is expected to be immediately accretive to Alerus’ earnings per share, adding 8 cents in 2021 and 13 cents in 2022.
It would be Alerus' 11th purchase of a retirements and benefits provider since 2003. When the deal closes, Alerus will oversee about $31.5 billion in assets under administration and management.
The deal "is a strategic investment that allows us to add talent and increase market share in the desirable Rocky Mountain region while further strengthening our growing retirement and benefits division,” Randy Newman, Alerus's president and CEO, said in the release. He said the deal aligns with the company's growth strategy "to expand our national presence and provide diversified financial services to clients across the nation.”
