Grand Forks, ND.,. based Alerus Securities Corporation has agreed to transfer its agricultural securities business to Farmers National Company (FNC). The newly formed broker–dealer, FNC Ag Stock, LLC will be headquartered in Grand Forks.
“We are excited about the creation of FNC Ag Stock, LLC,” said Jayson Menke, who has spent the last 10 years working in the ag stock business at Alerus and will run the new broker–dealer. “At Alerus, our agriculture and cooperative securities business developed a solid reputation of providing beneficial services for cooperatives and limited liability companies and their shareholders. Under the Farmers National Company umbrella, we see an opportunity to grow our business.”
The ag stock division of Alerus Securities worked with 18 companies in eight states—15 ethanol plants, two sugar beet processing cooperatives, and one high fructose corn plant. We’re happy to report that all those companies will continue working with FNC. For a complete list of companies please visit www.fncagstock.com.
Alerus created their securities business in 1994 and began selling ag stock after two acquisitions in the late 1990s. Both companies anticipate a smooth transition. Along with Menke, Nick Watson and Andy Gudajtes will continue to work with the ag stock product line at FNC Ag Stock, LLC.
In September 2011, FNC Ag Stock, LLC’s parent company, Farmers National Company, acquired the farm appraisal and farm management product lines from Alerus. It also acquired a closely related, Grand Forks–based farm real estate sales company—Botsford Qualey Land Company. Gudajtes moved to Farmers National during the first transition. Menke has been a contract employee with Farmers National for the past two years while he and Watson stayed at Alerus to operate the ag stock business.
“The FNC senior managers and employees wake up every morning thinking about farm–related issues,” said Jim Farrell, Farmers National Company president. “With its footprint on America’s heartland—Farmers National Company will provide FNC Ag Stock, LLC, better growth opportunities in the farm and energy sectors.”