Alerus Financial (ALRS) in Grand Forks, N.D., has acquired Private Bancorp. in Minneapolis for $15.9 million in cash and other considerations.

The $128 million-asset Private Bancorp. used the proceeds to repurchase $10.3 million in Troubled Asset Relief Program preferred shares from the U.S. Treasury Department, and to retire $2.3 million in debt. Private Bancorp. received its Tarp investment on Feb. 27, 2009, meaning the company had passed the five-year mark when its Tarp dividend payment rose to 9% from 5%.

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