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Monday A.M. Report

Amcom gains key investments, developer drops Block E ownership, ADC sells product line to Ireland firm, Alerus Financial acquires mortgage group, and bank executive Richard Davis honored.

Amcom lands “significant” investment from Norwest, Split Rock: Amcom Software said today that it’s landed a “significant” amount of funding from two Twin Cities investors, Split Rock Partners, and Norwest Equity Partners. Ron Wenaas, a spokesman for the Eden Prairie-based maker of emergency-notification software, declined to reveal the size of the investment. Minneapolis-based Norwest’s deals typically range between $30 million and $150 million in size. Read full story

Developer drops out of Block E ownership: McCaffery Interests, the developer of Block E in Minneapolis, has turned over ownership to the Union Labor Life Insurance Co., saying that the fortunes of the retail and entertainment complex will require more funding. Chicago-based McCaffery, which opened the Hennepin Avenue development in 2003, will continue as property, leasing and redevelopment manager. McCaffery said that the ownership change came at its request. Read full story

ADC sells product line to Ireland’s Altobridge: ADC Telecommunications has sold its portfolio of GSM base station and switching products to Altobridge, an Ireland-based mobile network operator. About 70 ADC employees will be absorbed by Altobridge. The terms of the deal were not disclosed. Read full story

Alerus Financial acquires InterBank’s Residential Mortgage Group business: Alerus Financial has said it’s acquired the residential mortgage business from Maple Grove-based InterBank, capping off a year in which Grand Forks, N.D.-based Alerus snapped up assets and business from troubled Twin Cities-area financial institutions. InterBank’s Residential Mortgage Group has 55 employees and originated $720 million in mortgages in 2009. Read full story

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Richard Davis named Executive of the Year: For his commitment to solid banking principles that helped U.S. Bank avoid the morass of subprime lending, his plans to leverage U.S. Bank’s new-found star status to launch the company further ahead of its competitors and the easy transformation of this former teller as a national spokesman for the banking industry, the Minneapolis/St. Paul Business Journal has named Richard Davis chairman, president and CEO, Executive of the Year. Read full story