It finally happened. After years of courtroom drama that felt more like a corporate thriller than a banking update, the Old National Bank and Bremer Bank merger is a reality. The $1.4 billion deal didn't just move some money around; it fundamentally shifted the financial landscape of the Midwest.
Honestly, if you’ve been following the Twin Cities banking scene, this feels like the end of an era. For 80 years, Bremer was the "local hero," the bank that was basically a charitable engine thanks to its unique ownership by the Otto Bremer Trust. Now, the signs are changing. The systems are swapped. And while the dust has mostly settled, there’s still a lot of confusion about what this actually means for the average person with a checking account in St. Paul or a farm loan in North Dakota.
The $1.4 Billion Question: Why Now?
You’ve probably seen the headlines. Old National Bancorp officially closed the acquisition of Bremer Financial Corporation on May 1, 2025. It was a massive undertaking. But the price tag—$1.4 billion—raised some eyebrows. A few years ago, analysts thought Bremer might be worth closer to $2 billion.
So, why the "discount"?
It sort of comes down to a five-year legal war. The Otto Bremer Trust, which owned 92% of the bank, wanted to sell. The bank’s leadership, led by former CEO Jeanne Crain, fought tooth and nail to stay independent. By the time they reached a settlement in 2024, the market had changed. Interest rates were different. The "vibe" of bank M&A had shifted. Old National stepped in at exactly the right moment to pick up what their CEO, Jim Ryan, called a "crown jewel."
What Old National Announces $1.4 Billion Merger with Bremer Bank Actually Means for You
If you were a Bremer customer, you probably felt the big change around October 20, 2025. That was the "Grand Switch." One day you’re logging into a Bremer portal, the next, it’s all Old National branding.
Here’s the reality of the integration:
- The Brand is Gone: The Bremer name is officially retired. It’s all Old National Bank now.
- The Tech Swap: Most customers had to deal with new debit cards and updated mobile apps. There were some glitches—people reported issues with card chips and getting locked out of online banking—but that’s sort of par for the course in a merger this big.
- Access Expanded: On the plus side, you went from 70 branches to over 350 across the Midwest and Southeast.
- Job Cuts: This is the part people hate talking about. About 244 employees at the Lake Elmo service center were hit with layoff notices. When two big banks merge, "redundancy" is the word of the day, and unfortunately, that usually means people lose their desks.
Is Bigger Actually Better?
The combined company now sits with roughly $70 billion in assets. That puts Old National in the top 25 banking companies in the U.S. In the Twin Cities, they are now the third-largest bank by deposits.
But does that help the farmer in Grand Forks?
Old National claims yes. They’ve actually increased their Community Growth Plan commitment to $11.1 billion. That’s a lot of zeros. They are trying to prove that even though they are based in Evansville, Indiana, they aren't going to ignore the "community bank" roots that made Bremer special.
There’s a bit of irony here, though. While Old National grows, smaller competitors like Bridgewater Bank are literally putting up billboards to lure away frustrated Bremer customers. They’re betting that people will miss the "small-town" feel and move their money to the last few local holdouts.
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The Trust Stays Involved (Sort Of)
One thing most people get wrong is thinking the Otto Bremer Trust just took the cash and ran. That’s not quite it.
The Trust actually ended up with an 11% ownership stake in Old National. They also got a seat on the board, filled by Daniel Reardon. This means the charitable mission that Otto Bremer started back in 1944 isn't dead; it’s just funded by a much larger, publicly traded machine now. Since its start, the trust has given away over $1.1 billion. They’re hoping the Old National dividends keep that engine humming.
Navigating the Post-Merger World
If you’re still sitting with an old Bremer checkbook or wondering why your local branch looks different, here are the actionable steps you should take to make sure your money is safe and accessible:
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Check Your Auto-Pays: Even though the banks say everything transfers automatically, "glitches" happen. Double-check your mortgage or utility payments this month.
Audit Your Fees: Old National has a different fee structure than Bremer did. Look at your monthly statement. If you're being charged for a "maintenance fee" you never had before, call them. They’re usually pretty eager to waive those for legacy customers right now.
Explore the New Perks: You now have access to better wealth management and larger commercial lending limits. If you're a small business owner who outgrew Bremer’s capacity, it might be worth a chat with your new relationship manager.
Update Your App: If you haven't moved to the Old National mobile app yet, do it. The old Bremer app is basically a digital ghost town at this point.
The era of Bremer Bank is over. It’s a bit sad for Minnesota history buffs, but in the world of high-stakes finance, you’re either the one buying or the one being bought. Old National played their cards right, and now they own the "North."
To ensure your accounts are fully optimized under the new system, log into your new online portal and review the updated terms and conditions to see how the new fee structures impact your specific account types.