Bremer Bank bought by Old National

Dozens of bank locations across the Midwest will be affected by a merger between two major companies.

On Monday, Old National Bancorp and St. Paul-based Bremer Financial Corporation announced the two companies had entered into a definitive merger agreement, with Old National buying Bremer.

As part of the merger, the Otto Bremer Trust will own about 11% of Old National and also appoint one person to Old National’s Board of Directors.

Company officials say once the merger is complete, the new organization will have more than $70 billion in assets.

Jeanne Crain, the president and CEO of Bremmer, issued the following prepared statement on the merger:

“For more than 80 years, we’ve been honored to carry out the legacy of our founder, Otto Bremer. When our majority shareholder, the Otto Bremer trust, reaffirmed its interest in selling Bremer Bank, we appreciated the opportunity to identify a partner through a collaborative process to ensure the best possible outcome for our customers, employees, and our communities. With Old National, we have a confidence we found a great fit.”

A letter from Crain to Bremmer customers said in part that, “the team members you interact with will remain the same”, and “there will be no changes, so please continue to work with us as you typically do through your usual branch, relationship manager, or online.” The full letter can be found HERE.

The merger is expected to be finalized in the middle of 2025. Once done, the companies say Old National will be the third-largest bank in the Twin Cities. The transaction also includes 70 total banking centers, including 48 branches in Minnesota, 1 in North Dakota and eight in Wisconsin.

Members of the Board of Directors for both Bremer and Old National have unanimously approved the agreement, according to the news release announcing the transaction.