Old National making progress in acquisition of Bremer Bank

Progress continues on the merger between Old National Bancorp and Bremer Financial Corp., moving closer to finalization. The merger will see the survival of Old National Bank as the name, encompassing all Bremer Bank locations across 13 North Dakota cities and over 50 banking centers in Minnesota and Wisconsin.

The North Dakota cities set to be impacted by this merger include Rugby, Minot, Carrington, Devils Lake, Grand Forks, Fargo, Grafton, Lisbon, Bismarck, Casselton, Fordville, Larimore, and Wahpeton. This significant development follows the merger agreement announced in November 2024 between Old National Bancorp, Bremer Financial Corp., and ONB Merger Sub. Inc., a subsidiary of Old National.

Recently, a Form 8-K was filed to report the progress made in the merger process. The Federal Reserve Bank of St. Louis greenlit the Holding Company Transaction on March 5, with the Office of the Comptroller of the Currency approving the bank merger on March 19. Shareholders of Bremer also approved and adopted the merger agreement at a special meeting on March 7.

The completion of the holding company transaction and bank merger is anticipated to take place on May 1, pending the fulfilment of standard closing conditions outlined in the agreements. Currently, Bremer has 189 employees in North Dakota and holds substantial assets, loans, and deposits. With $16.2 billion in total assets, $11.5 billion in loans, and $13.2 billion in deposits, the merger will position Old National as the third-largest bank in the Twin Cities.

Bremer Financial Corp., a longstanding financial services corporation established in 1943 by Otto Bremer, will see the Otto Bremer Trust, a charitable trust located in St. Paul, Minnesota, become a significant stakeholder in Old National, with approximately an 11% ownership stake. A trustee from the Otto Bremer Trust is also set to join the Board of Directors of Old National upon the completion of the merger.

In conclusion, the merger between Old National Bancorp and Bremer Financial Corp. is steadily moving closer towards finalization, bringing about significant changes in the banking landscape across North Dakota, Minnesota, and Wisconsin. Upon completion, Old National Bank will emerge as the surviving entity, consolidating its presence as a major player in the banking sector.