Indiana-based Old National Bancorp (Old National) and Minnesota-based Bremer Financial Corp. (BFC) announced they have entered into a definitive merger agreement. Founded in 1943, BFC is the bank holding company for Bremer Bank.
As of Sept. 30, Bremer had $16.2 billion in total assets, $11.5 billion in total loans, and $13.2 billion in deposits. After the partnership is completed, Old National will become the third-largest bank in the Twin Cities, and the partnership will expand Old National’s reach into several other markets throughout Minnesota, North Dakota, and Wisconsin.
Once combined, the new company would have over $70 billion in assets (based on Sept. 30 asset figures), a significantly larger footprint, additional banking capabilities, and enhanced resources for customers.
