Old National Completes Closing聽of Bremer Bank Partnership

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Old National completes transformative merger with Bremer, creating a top-25 US bank with $70B in assets and expanded Midwest presence.

The completed merger between Old National and Bremer creates a substantially larger banking institution with approximately $70 billion in assets and $37 billion in assets under management. This positions Old National among the top 25 banking companies headquartered in the U.S., representing a significant step up in scale from its previous position as the fifth largest commercial bank headquartered in the Midwest.

The expanded geographic footprint now more deeply penetrates Minnesota, North Dakota, and Wisconsin markets, providing greater diversification across the combined entity's operation. Old National's increased Community Growth Plan commitments from $9.5 billion to $11.1 billion demonstrates a significant financial commitment to the communities served by Bremer Bank.

The integration timeline is clearly defined with Bremer Bank operating as a division of Old National prior to a facilities and systems conversion scheduled for mid-October 2025. The addition of Daniel Reardon, co-CEO and trustee of Otto Bremer Trust, to the Old National Board brings leadership continuity from the acquired organization.

While the press release doesn't specify financial terms or expected synergies, the transaction represents a significant milestone in Old National's growth strategy that substantially increases its market presence and scale.

Regional banking consolidation continues as Old National-Bremer merger creates stronger competitor with enhanced scale advantages and broader geographic diversification.

This merger completion exemplifies the ongoing consolidation trend in regional banking, creating a notably larger institution that crosses the significant threshold of $50 billion in assets. At approximately $70 billion in assets, Old National now possesses greater scale to absorb regulatory compliance costs and invest in technology infrastructure - two critical challenges for mid-sized regional banks.

The expansion into Minnesota, North Dakota, and Wisconsin complements Old National's existing Midwest and Southeast footprint, creating a more geographically diverse banking franchise. The integration approach of maintaining Bremer as a separate division until systems conversion in October 2025 represents a measured approach that prioritizes client retention during transition.

The substantial increase in community commitments ($1.6 billion additional) aligns with regulatory expectations for mergers while also supporting brand reputation in newly acquired markets. This transaction reinforces the strategic imperative for regional banks to achieve greater scale while maintaining their community banking identity and relationships - a balancing act that defines successful regional banking strategies in today's market.

The combined entity's position among the top 25 banking companies in the U.S. gives it greater competitive relevance without sacrificing its regional focus.

05/01/2025 - 07:00 AM

EVANSVILLE, Ind., May 01, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: ONB) 鈥� Old National Bancorp (鈥淥ld National鈥�) today announced the closing of its previously-announced merger with St. Paul, Minnesota-based Bremer Financial Corporation (鈥淏remer鈥�), the bank holding company for Bremer Bank, as of May 1, 2025.

鈥淭his partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks,鈥� said Old National Chairman and CEO Jim Ryan. 鈥淲e are extremely pleased to have reached this important milestone, and we are excited about continuing our collaborative work to ensure that we are 鈥楤etter Together鈥� and poised to exceed the expectations of our clients, team members, communities and shareholders.鈥�

After closing of the merger, Old National has approximately $70 billion of assets and $37 billion of assets under management (on a pro forma basis using data as of March 31, 2025), making it among the top 25 banking companies headquartered in the U.S.

Bremer Bank will operate as a division of Old National Bank prior to the facilities and systems conversion, which is anticipated to occur in mid-October 2025.

The combined organization will operate under the Old National Bancorp and Old National Bank names. Clients will continue to be served through their respective Old National or Bremer branches, websites, mobile apps, financial advisors and relationship managers until the systems conversion is complete. For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge.

Increased Community Growth Plan commitment
In recognition of Old National鈥檚 deep commitment to the communities served by Bremer Bank, Old National will increase its previous five-year Community Growth Plan commitments of $9.5 billion to $11.1 billion. This adds approximately $1.6 billion in lending, investments and philanthropy commitments in Minnesota, North Dakota, and Wisconsin.

Daniel Reardon to join Old National Bancorp Board
The partnership between Old National and Bremer will also see the addition of Daniel Reardon to the Old National Board of Directors. As co-CEO and trustee of Otto Bremer Trust in St. Paul, Minnesota, Reardon has decades of experience in executive management, philanthropy, and banking.

Since joining the Otto Bremer Trust in January 1995, Reardon has guided the Trust鈥檚 investments and charitable distributions, including $8.4 million in the latest grant cycle, to benefit the communities in Minnesota, North Dakota, Wisconsin, and Montana. He also served on the boards of directors of Bremer and Bremer Bank.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at . In 2024, Points of Light named Old National one of "The Civic 50" -- an honor reserved for the 50 most community-minded companies in the United States.

FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Old National. In general, forward-looking statements usually may be identified through use of words such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥渃ontinue鈥� and 鈥減otential,鈥� as well as words of similar meaning, and include statements related to expected benefits of the Bremer merger. Forward-looking statements are not historical facts and represent management鈥檚 beliefs, based upon information available at the time the statements are made, with regard to the matters addressed途 they are not guarantees of future performance. Actual results or outcomes may prove to be materially different from the results or outcomes expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors which could cause or contribute to such differences or could affect the forward-looking statements can be found in the cautionary language included under the headings 鈥淔orward-Looking Statements鈥� and 鈥淩isk Factors鈥� in Old National鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by Old National with the U.S. Securities and Exchange Commission.

Many of these factors are beyond Old National鈥檚 ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results or outcomes may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and Old National undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Old National to predict their occurrence or how they will affect Old National.

Investor Relations:
Lynell Durchholz
(812) 464-1366
[email protected]

Media Relations:
Rick Vach
(904) 535-9489
[email protected]

FAQ

What is the total asset size of Old National (ONB) after the Bremer merger?

After the Bremer merger, Old National has approximately $70 billion in assets and $37 billion in assets under management, based on March 31, 2025 data.

When will the Bremer Bank systems conversion to Old National be completed?

The systems conversion is anticipated to occur in mid-October 2025.

How much did Old National increase its Community Growth Plan commitment after the Bremer merger?

Old National increased its five-year Community Growth Plan commitment by $1.6 billion, from $9.5 billion to $11.1 billion.

Who is joining Old National's Board of Directors from Bremer?

Daniel Reardon, co-CEO and trustee of Otto Bremer Trust, is joining Old National's Board of Directors.

What happens to Bremer Bank branches after the merger with Old National (ONB)?

Bremer Bank will initially operate as a division of Old National Bank, with clients continuing to use their respective branches until the systems conversion is complete in October 2025.

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