The merger will add 70 Bremer banking centres across three states, expanding Old National’s market reach. Credit: Eric Glenn/Shutterstock.

Old National Bancorp has reached an agreement with Minnesota’s Bremer Financial to acquire Bremer Bank, for nearly $1.4bn.

The merger of the two organisations is set to create a banking institution with more than $70bn in assets.

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It will integrate 70 banking centres from Bremer across three states, expanding Old National’s market presence.

Old National chairman and CEO Jim Ryan said: “This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks.”

This partnership is expected position Old National as the third-largest bank in the Twin Cities, expanding its reach across Minnesota, North Dakota, and Wisconsin.

As of 30 September 2024, Bremer reported $16.2bn in total assets, $11.5bn in total loans, and $13.2bn in deposits.

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The Otto Bremer Trust, a private charitable trust and majority stakeholder in Bremer, will retain an approximate 11% ownership in Old National post-merger. A Trustee from the Otto Bremer Trust is set to join Old National’s Board of Directors.

Bremer president and CEO Jeanne Crain said: “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.”

The deal is expected to be completed in mid-2025, contingent on regulatory approvals and Bremer shareholders’ consent.

Citi, Squire Patton Boggs, J.P. Morgan, Wachtell, Lipton, Rosen & Katz, Keefe, Bruyette & Woods, and Sullivan & Cromwell LLP have been appointed as financial and legal advisors for the respective parties involved in the transaction.