Alerus Financial to Buy Twin Cities, Calif., Company.

Byline: Rona K. Johnson

Apr. 19--Alerus Financial of Grand Forks intends to purchase Pension Solutions Inc., a Twin Cities retirement plan administrator, according to John Flesch, director of wealth management at Alerus.

"We like the business, and we think it's a growth business," Flesch said. "So, when this opportunity arose, we took advantage of it."

Alerus currently administers pension plans for 13,000 employees, which is about half the size of PSI, which handles 30,200 clients in 43 states.

Together, the companies will serve more than 40,000 clients with total plan assets of more than $1 billion.

"I would say we would be in …