Jeanne Crain to Depart Bremer Bank as Old National Takeover Completes
Deal News | Apr 17, 2025 | EIN
In May, Jeanne Crain will step down as CEO of Bremer Financial Corp., coinciding with the bank's acquisition by Old National Bancorp for $1.4 billion, mostly paid in stock. The sale marks the end of a prolonged legal and governance struggle involving Bremer's unique ownership by the Otto Bremer Trust, which impacted its strategic options. Crain, who has been with Bremer for over 13 years, including serving as CEO for the last eight, reflected positively on her tenure despite the challenges. The merger, set to create Minnesota's third-largest bank by deposits, follows a legal dispute and intervention by Minnesota Attorney General Keith Ellison over trustee duties within the Otto Bremer Trust.
Sectors
- Banking
- Legal Services
Geography
- United States – The transaction involves Bremer Bank, based in Minnesota, and Old National Bancorp, based in Indiana, highlighting the U.S. geography.
- Minnesota – The article focuses on Bremer Bank, located in Minnesota, and the regional implications of the merger.
- Indiana – Old National Bancorp, the buyer in the transaction, is based in Indiana.
Industry
- Banking – The article discusses the acquisition of Bremer Bank by Old National Bancorp, relevant to the banking industry as it involves a strategic shift impacting the regional banking landscape.
- Legal Services – Legal proceedings involving the Otto Bremer Trust and governance issues played a critical role in the sale of Bremer Bank, highlighting the relevance of legal services.
Financials
- 1.4 billion – The sale price of Bremer Financial Corp. to Old National Bancorp.
- 2 billion – Previous estimates of Bremer Financial Corp.'s worth before the finalized sale.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bremer Financial Corp. | Target Company | Company | Bremer Financial Corp. is the target company in the acquisition by Old National Bancorp. |
| Old National Bancorp | Bidding Company | Company | Old National Bancorp is acquiring Bremer Financial Corp. |
| Otto Bremer Trust | Selling Company | Charity | The Otto Bremer Trust largely owns Bremer Financial Corp. and is involved in selling its stake. |
| Jeanne Crain | CEO and President | Person | Jeanne Crain is the CEO and President of Bremer Financial Corp. stepping down as part of the acquisition process. |
| Great Western Bancshares | Potential Merger Partner | Company | Bremer Financial Corp. considered a merger with Great Western Bancshares prior to deciding on a sale. |
| Keith Ellison | Attorney General | Person | Minnesota Attorney General who intervened in the legal battle regarding the trustees of the Otto Bremer Trust. |