Bremer acquisition by Old National progressing
Deal News | Mar 26, 2025 | EIN
Old National Bancorp, the Evansville, Indiana-based holding company for Old National Bank, is in the process of acquiring Bremer Financial Corp., the holding company for Bremer Bank. The merger, set to be completed by May 1, follows regulatory approval from the Federal Reserve Bank of St. Louis and the Office of the Comptroller of the Currency. Once finalized, Old National Bank will absorb Bremer Bank's operations across thirteen North Dakota cities and over fifty locations in Minnesota and Wisconsin, making Old National the third-largest bank in the Twin Cities. The merger not only underscores Old National's expansion strategy but also involves a significant stake transfer to the Otto Bremer Trust, allowing a trustee to join Old National's board.
Sectors
- Financial Services
- Banking
Geography
- United States – The involved companies, Old National Bancorp and Bremer Financial Corp., are based in the U.S., and the merger impacts bank locations in multiple states, including North Dakota, Minnesota, and Wisconsin.
- Midwest USA – The merger specifically affects the Midwest region, given the presence of Bremer Bank locations in North Dakota, Minnesota, and Wisconsin.
Industry
- Financial Services – The article discusses a merger between two financial institutions, Old National Bancorp and Bremer Financial Corp., impacting banking and financial services.
- Banking – The merger directly affects the banking sector as it involves the consolidation of bank operations across multiple locations in the Midwest region.
Financials
- $16.2 billion – Bremer Financial Corp.'s total assets as of the merger announcement.
- $11.5 billion – Bremer's total loans reported at the time of the merger announcement.
- $13.2 billion – Bremer's total deposits at the time of the merger announcement.
- 11% – The ownership stake that the Otto Bremer Trust will hold in Old National after the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Old National Bancorp | Acquiring Company | Company | A bank holding company based in Evansville, Indiana, acquiring Bremer Financial Corp. |
| Bremer Financial Corp. | Target Company | Company | The bank holding company for Bremer Bank, being acquired by Old National Bancorp. |
| Otto Bremer Trust | Shareholder | Charity | A charitable trust based in St. Paul, Minnesota, will hold an ownership stake in Old National Bancorp post-merger. |
| Federal Reserve Bank of St. Louis | Regulatory Approver | Government | A federal regulatory body that approved the holding company transaction. |
| Office of the Comptroller of the Currency | Regulatory Approver | Government | A government agency that approved the bank merger. |