Old National Bancorp to Merge with Bremer Financial Corporation
Slice of Finance Team
11/29/2024
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
Quotes
“ “This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks.” ”
Jim Ryan, Chairman and CEO at Old National Bancorp
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.
