Old National Bancorp and Bremer Financial Corporation jointly announced on November 25, 2024, a definitive merger agreement for Old National to acquire Bremer. The transaction is valued at approximately $1,401 million, or $116.76 per share, based on Old National’s closing stock price on November 22, 2024.
Under the terms, each outstanding share of Bremer common stock will convert into the right to receive 4.182 shares of Old National common stock plus $26.22 in cash. As of September 30, 2024, Bremer had $16.2 billion in total assets, $11.5 billion in total loans, and $13.2 billion in deposits.
The combined organization is projected to have over $70 billion in assets, significantly expanding Old National’s footprint into Minnesota, North Dakota, and Wisconsin. This partnership will make Old National the third-largest bank in the Twin Cities, with the Otto Bremer Trust holding an approximate 11% ownership stake in Old National upon closing, which is anticipated in mid-2025.
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