Bremer Bank CEO to Step Down Following Old National Merger
Deal News | Apr 17, 2025 | EIN
Jeanne Crain, the CEO and president of Bremer Bank, is set to retire following the bank's merger with Old National Bank. Under Crain’s leadership since 2016, Bremer underwent a significant transformation, including a brand overhaul, branch expansions, and a focus on social initiatives. Crain notably guided Bremer through years of legal challenges with the Otto Bremer Trust, which owns the bank. This tension began in 2019 when trustees attempted to sell the bank via stock issuance to hedge funds. This led to a protracted legal battle involving multiple suits, which only settled after one trustee was removed and another retired. The merger, announced post-settlement, involves a $1.4 billion acquisition by Illinois and Indiana-based Old National and will create the third-largest bank in Minnesota. The Otto Bremer Trust will retain an 11% stake, and the combined entity will have assets over $70 billion.
Sectors
- Financial Services
- Legal
- Philanthropy
Geography
- United States – The banks involved in the merger, Bremer Bank and Old National Bank, are prominent institutions within the U.S.
- Minnesota – Bremer Bank is headquartered in Minnesota, making it a central geography for this news.
- Illinois – Old National Bank is based in part out of Chicago, Illinois, indicating its geographic focus.
- Indiana – Old National's base in Evansville, Indiana, marks another geographic focus for the participating company.
Industry
- Financial Services – The article deals primarily with the banking industry, focusing on a merger between Bremer Bank and Old National Bank.
- Legal – The article discusses significant legal challenges encountered during the negotiation process with the Otto Bremer Trust.
- Philanthropy – The Otto Bremer Trust's unique ownership and involvement in charitable activities highlight the philanthropic sector.
Financials
- $1.4 billion – The purchase price of Bremer Bank in the merger with Old National Bank.
- 11% – The ownership stake Otto Bremer Trust will retain post-merger.
- $70 billion – The expected combined assets of the newly merged bank.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bremer Bank | Target Company | Company | A Minnesota-based agricultural lender involved in a merger with Old National Bank. |
| Old National Bank | Bidding Company | Company | The Illinois and Indiana-based acquirer in a $1.4 billion deal with Bremer Bank. |
| Otto Bremer Trust | Selling Company | Charity | The owner of Bremer Bank, involved in legal challenges with its trustees. |
| Jeanne Crain | Person | People | CEO of Bremer Bank retiring after the merger. |