Alerus Financial Corp. agreed to acquire Retirement Planning Services, a Littleton, Colo.-based retirement plan administrator, confirmed Brian Overby, president of Alerus division Alerus Retirement and Benefits, in an email.
Terms of the deal, which is expected to close on Dec. 18, are not being disclosed.
Retirement Planning Services provides administration services for more than 1,000 plans with a total of 48,000 participants.
"We share complementary business models and company cultures that emphasize client service, industry expertise, and continued growth," said Mr. Overby. "Adding RPS also allows Alerus to expand into the Rocky Mountain region and add valuable products, such as enhanced cash balance capabilities, and talent to our team.
"Meanwhile, our diversified financial services model expands the products and services available to RPS clients," added Mr. Overby. "All of these factors fall in line with our long-term growth strategy."
Nathan Carlson, president of RPS, and Matt Poppe, principal of RPS, will join Alerus; their new titles have not yet been determined.
The RPS name will transition to Alerus in early 2021.
Alerus had about $30.5 billion in assets under administration or management in retirement and benefit services as of Sept. 30. The acquisition is expected to increase Alerus' AUM/AUA by roughly $1 billion.