BNCCorp Inc., Bismarck, N.D., will retain its Scottsdale, Ariz., stand-alone mortgage banking office, even after it sells its retail banking branch in that city to Alerus Financial Corp., Grand Forks, N.D.
Alerus has agreed to purchase an undisclosed amount of deposits and assets from BNC National Bank in the Arizona and Minnesota markets. But BNC will continue to offer mortgage banking services, commercial real estate and other types of loans in those states. And the deal has no effect on BNC's operations or mortgage banking locations in North Dakota.
Terms of the deal were not disclosed.
BNCCorp president and chief executive Gregory K. Cleveland said the transaction does not preclude the company from offering its services in Arizona and Minnesota "and to participate in the opportunities in those markets. Along with our improving credit trends and focus on maintaining ample liquidity, our strengthened capital base is a key element in BNC's plans to compete and thrive in a challenging business environment."
