Old National Bancorp To Merge With Bremer Financial

ST. PAUL (KVRR) — St. Paul-based Bremer Financial Corporation is merging with Old National Bancorp in a deal worth $1.4 billion in cash and stocks.

Old National is on track to become the third-largest bank in the Twin Cities.

The deal includes 70 banking centers in Minnesota, North Dakota and Wisconsin with a combined $70 billion in assets.

Under the terms, each outstanding share of Bremer common stock will be converted into the right to receive 4.182 shares of Old National common stock plus $26.22 in cash, valuing the transaction at approximately $1,401 million, or $116.76 per share, based on Old National’s closing stock price on November 22, 2024.

Founded in 1943, Minnesota-based Bremer has $16 billion in assets and is majority-owned by Otto Bremer Trust.

He was a German immigrant who invested in many upper Midwest banks during the Great Depression.

The merger should be finalized in mid-2025.