Old National Bancorp in Evansville, Indiana, has agreed to buy Bremer Financial in St. Paul, Minnesota. The $54 billion-asset Old National said in a news release that it will pay $1.4 billion in cash and stock for the $16.2 billion-asset Bremer. The deal, which is expected to close in the middle of 2025, priced Bremer at 100% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
Editor’s Note: This story has been updated with the correction that Old National Bancorp is in Evansville, Indiana.