Grand Forks, North Dakota-based Alerus Financial Corp. has announced plans to go public.

On Friday, the company filed a registration statement with the Securities and Exchange Commission for an initial public offering.

The company aims to raise $75 million in the IPO, according to its prospectus document. Alerus has applied to list its common stock on the Nasdaq Capital Market. The company had been trading on the OTC Markets Group.

Though it’s based in North Dakota, Alerus has established a presence in Minnesota and Arizona. The company expanded to Minnesota in 2003, when it purchased Pension Solutions Inc. in St. Paul. In 2009, Alerus expanded to Arizona.

Today, Alerus operates six full-service banking offices in Minnesota, all in the Twin Cities area. The company also has a loan and deposit production office in the region.

In the SEC filing, Alerus noted that the Twin Cities metropolitan area has become its largest market for loan generation. As of June 30, $887.7 million of the bank’s loans were attributable to offices in the Twin Cities region. That works out to more than half of all the bank's loans.

“We believe that our business model, specifically our focus on clients who desire a comprehensive financial services relationship, is a better fit for high-growth metropolitan areas,” Alerus officials wrote in the filing. “The median household income in the Twin Cities MSA, our largest market, is over 25 percent higher than the national average and is expected to grow over 10 percent from 2019 to 2024.”

The company previously operated branches in Duluth. Earlier this year, Alerus reached an agreement to sell its Duluth offices to Frandsen Bank & Trust.

From June 2018 through June 2019, Alerus logged net revenue of $183.1 million. As of June 30, the bank had $2.2 billion in total assets.

Raymond James & Associates Inc. and D.A. Davidson & Co. are the joint book-running managers for the IPO. Piper Jaffray & Co is the co-manager, Alerus officials said in a news release.