SAINT PAUL, Minn. — St. Paul-based Bremer Financial Corporation and Old National Bancorp announced a merger Monday.
After the merger is completed, Old National will become the third-largest bank in the Twin Cities, according to the press release. The smaller Bremer Bank had $16.2 billion in total assets, $11.5 billion in total loans and $13.2 billion in deposits as of Sept. 30.
“For more than 80 years, we’ve been honored to carry out the legacy of our founder, Otto Bremer,” Jeanne Crain, President and CEO of Bremer, said in a press release. “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 confidence we found a great fit.”
The partnership includes 70 total banking centers in Minnesota, North Dakota and Wisconsin. The merger is expected to be finalized in mid-2025.
For shareholders, each share of Bremer common stock will be converted into the right to receive 4.182 shares of Old National common stock plus $26.22 in cash, which equals about $116.76 per share, based on Old National’s estimate in the press release.
