SOURCE: Alerus Financial

Alerus Financial

July 02, 2012 16:17 ET

Residential Mortgage Group (RMG) Is Now Alerus Mortgage

MINNETONKA, MN--(Marketwire - Jul 2, 2012) - Effective July 1, 2012, Residential Mortgage Group (RMG), a provider of residential mortgage financing, will be known as Alerus Mortgage. North Dakota-based Alerus Financial purchased RMG in January 2010; this name change is part of Alerus' long-term plan to increase brand awareness and grow market share in the Twin Cities. The name change was initially announced in January of 2012.

"The Alerus Mortgage business model is unique in the industry, and the person who benefits the most is the consumer," said Steve Sherwood, founder of Residential Mortgage Group and president of Alerus Mortgage. "Alerus Mortgage offers the best of both worlds: customers benefit from the strength that Alerus Financial's backing provides, but because our Loan Officers function like brokers, they have the flexibility and independence needed to seek out the best, most competitive solutions available." Alerus Mortgage has access to products from all major lenders as well as top-quality private investors.

RMG was founded in 1995, and earned industry respect by providing high-quality, highly competitive home financing solutions backed by industry leading guarantees. RMG also has a spotless record of on-time closings. In 2007, the company started a referral program called "Refer a friend. Build your community.™" and through this program, the company has given more than $1 million to Second Harvest Heartland, and to local schools, police and fire departments on behalf of their customers. "RMG's dedication to their customers and community was a significant factor in our decision to bring them into the Alerus fold two years ago," comments Karl Bollingberg, director of banking services at Alerus Financial. Bollingberg further states, "Our organization is focused on serving in the best interest of our customers and communities -- Steve and his team practice this discipline day in and day out."

Currently, Alerus Mortgage has more than 70 employees, including 35 Loan Officers, in four locations in the Twin Cities with a main office in Minnetonka. The company is on pace to originate over $1 billion in loans in 2012, serving 4,600 customers in Minnesota and North Dakota. The name change will not result in operational, management or staffing changes.

Alerus Financial is one of the largest and oldest independent financial services organizations in the Upper Midwest. Alerus Financial is a $12 billion financial services company, offering a full range of banking, private banking, trust and investment, and retirement services. Currently, Alerus Financial has bank locations in Maplewood, Minnetonka and Oakdale. Between the three bank locations, Alerus Investment Advisors, Alerus Retirement Solutions and Alerus Mortgage, there are more than 225 Alerus employees in the Twin Cities metro area.

You can learn more about Alerus Mortgage, and the range of banking, investment, and retirement products and services available from Alerus Financial at alerus.com.

Contact Information

  • For media inquiries, contact
    Missy Keney
    Corporate Communications Manager
    Alerus Financial
    701.280.5120
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