North Dakota’s Alerus Financial is beefing up its retirement and health benefits services division by acquiring Retirement Planning Services, Inc., Littleton, Colo.
RPS, which does business as RPS Plan Administrators and 24HourFlex, provides retirement and health benefits administration for more than 1,000 plans, 48,000 participants, 300 COBRA clients, and 10,000 COBRA members. RPS brings more than 30 years of experience to Alerus, expanding its geographic footprint to the Rocky Mountain region.
This is the 11th acquisition in its retirements and benefits vertica for Grand Forks-based Alerus since 2003.. Nathan Carlson, president of RPS, and Matt Poppe, principal of RPS, will join Alerus after the deal closes Dec. 18, after which Alerus will have assets under management of about $31.5 billion
“The acquisition of RPS and 24HourFlex 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,” said Randy Newman, president and CEO of the $2.9 billion Alerus.
The all-cash transaction is anticipated to be immediately accretive to Alerus’ GAAP earnings per share, adding an estimated $0.08 in 2021 and $0.13 in 2022.