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- Old National Bancorp to Merge with Bremer Financial Corporation
Old National Bancorp to Merge with Bremer Financial Corporation
Slice of Finance Team
28 Nov
Key Highlights:
Merger Details: Old National to acquire Bremer in a $1.4 billion deal, valued at $116.76 per share.
Market Impact: Combined assets to exceed $70 billion, with 70 banking centers in Minnesota, North Dakota, and Wisconsin.
Community Expansion: Old National becomes the third-largest bank in the Twin Cities region, bolstering presence in vibrant Midwest markets.
Shareholder Note: Otto Bremer Trust to hold an 11% ownership stake in Old National.
Source: Globe Newswire
Notable Quotes:
“This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks.”
“With Old National, we have confidence we found a great fit to ensure the best outcome for our customers, employees, and communities.”
“This partnership expands the scope of what can be accomplished for and within our communities – civically, socially, and economically.”
Our Take:
This merger is a significant move in the Midwest banking sector, aligning two institutions with shared community-focused values. The deal not only strengthens Old National’s competitive position in the Twin Cities but also broadens its footprint across three states. By maintaining a strong relationship with the Otto Bremer Trust, the partnership underscores a commitment to local investment and philanthropy, making it a model for community-centered banking consolidation.