Old National to acquire Bremer Financial in merger valued at $1.4 billion
Old National Bancorp agreed to merge with Bremer Financial Corporation, a St. Paul, Minnesota bank holding company with $16.2 billion in total assets, in a deal the companies say is valued at approximately $1,401 million based on Old National's November 22, 2024 closing price. The combined company would have over $70 billion in assets, and the transaction is expected to close in the middle of 2025, subject to Bremer shareholder approval and regulatory approvals.
Key points
- Each Bremer share converts into $26.22 in cash plus 4.182 Old National shares, or $116.76 per share based on the November 22, 2024 closing price
- Otto Bremer Trust, which holds about 86% of Bremer common stock, has agreed to vote in favor of the merger
- After closing, the Trust will hold an approximate 11% stake in Old National and a Trustee will join Old National's board
- Closing is anticipated in the middle of 2025 and requires approvals from the OCC and the Federal Reserve Board
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 25, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.