Alerus Financial Corp. has confirmed plans to close its former Home Federal Savings Bank branch located on South Broadway in Rochester, effective January 16, 2024. The decision comes after a thorough review of client transaction activity, which indicated that customer needs can be fully met at nearby locations.
The Crossroads branch, which has operated for 62 years, will cease operations as part of Alerus’s strategy to streamline services. In a statement, Missy Keney, Chief Engagement Officer at Alerus, expressed confidence that clients would experience minimal disruption. “We will be closing our Crossroads location at 1201 S. Broadway. We can fully support our clients’ needs at our nearby locations, including the Civic Center location less than three miles away,” she said.
All employees currently working at the Crossroads branch will be transitioned to other Alerus locations in Rochester. The company operates three additional former Home Federal branches in the area, underscoring its commitment to the Rochester market.
Branch Details and Future Plans
The 5,190-square-foot Crossroads branch, built in 1963, is located in front of the Crossroads Shopping Center, near Newt’s South restaurant. Following the closure announcement, the property has been listed for sale by Core Real Estate Group with a posted price of $1.5 million.
Keney emphasized Alerus’s ongoing investment in Rochester, stating, “Rochester is an extremely important market for Alerus, and we have no plans to consolidate other locations in Rochester. Earlier this year, we celebrated the relocation and investment of our downtown branch to a more prominent location in the skyway, which included a long-term lease and naming rights for the building.”
This closure marks a significant change in the local banking landscape, as Alerus continues to adapt its operations following the acquisition of Home Federal Savings Bank. As the company refines its presence, it remains focused on ensuring that client services remain uninterrupted and accessible.
