Old National Bancorp, holding company of Old National Bank, Evansville, is acquiring Bremer Financial Corporation, holding company for Bremer Bank, St. Paul, in a merger transaction announced on Nov. 25 and valued at $1.4 billion. Pending regulatory approvals, the transaction is anticipated to close in the middle of 2025, with the merged banks operating under the Old National name. The combined company will have more than $70 billion in total assets, bolstering Old National’s existing presence in the Twin Cities and expanding its footprint into new markets in Minnesota, North Dakota and Wisconsin. The Otto Bremer Trust is a private charitable trust that currently holds a majority stake in Bremer. Combining finance and philanthropy in service to the community, it has made more than $1.1 billion in grants and program-related investments to more than 4,200 organizations since its inception 80 years ago. The Trust will hold an 11% ownership stake in the newly combined company, and a Trustee will join the Old National Board of Directors. The time is right to move the chains on credit union accountability. You can count on ABA to continue playing offense on these issues in the months ahead. Robert S. Nichols President and CEO American Bankers Association RNichols@ABA.com Rob Nichols has been president and CEO of the American Bankers Association since 2015 after 10 years at the helm of the Financial Services Forum, a nonpartisan economic policy and advocacy organization. He also served in the George W. Bush administration as assistant secretary for public affairs at the Treasury Department. OLD NATIONAL BANCORP MERGERS & ACQUISITIONS Northwest Bancshares Inc., holding company of Northwest Bank, Warren, Pennsylvania, is acquiring Penns Woods Bancorp Inc., Williamsport, Pennsylvania, holding company of Jersey Shore State Bank and Luzerne Bank. The all-stock transaction valued at $270.4 million was announced on Dec. 17. Pending regulatory approvals, the deal is expected to close in the third quarter of 2025 with the merged banks operating under the Northwest Bank name. The combined company will have pro forma total assets in excess of $17 billion and is expected to be one of the nation’s 100 largest banks. With over three decades of serving lenders and millions of flood certificates issued, why trust just any certification provider when you could hire what many would consider the industry leader in accuracy and customer care. SINCE 1991 Craig callahan | 800.945.0246 ccallahan@floodplain.com Ask craig how to experience the Fci difference risk free and learn more about why so many lenders trust floodplain consultants. a preferred vendor of the iba JANUARY/FEBRUARY 2025 31
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