{"id":7764,"date":"2024-11-12T14:58:52","date_gmt":"2024-11-12T14:58:52","guid":{"rendered":"https:\/\/finderica.com\/minnesotas-bremer-financial-seeks-buyer\/"},"modified":"2024-11-12T14:58:52","modified_gmt":"2024-11-12T14:58:52","slug":"minnesotas-bremer-financial-seeks-buyer","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7764","title":{"rendered":"Minnesota’s Bremer Financial seeks buyer"},"content":{"rendered":"
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Bremer Financial is based in St. Paul, Minnesota.<\/figcaption>

Ariana Lindquist\/Bloomberg<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n

Bremer Financial, Minnesota’s fourth-largest bank by deposits, is for sale, according to people familiar with the matter.\u00a0<\/p>\n

Financial advisers have been retained to find a buyer for the Saint Paul-based lender, said the people, who asked to not be identified because the matter isn’t public. While it’s not clear how much it would fetch in a sale, the bank had about $1.35 billion of equity capital as of June 30,\u00a0according\u00a0to regulatory filings<\/a><\/ps-link>. Healthy banks tend to change hands at the value of their equity or more.\u00a0<\/p>\n

No final decision has been made and the trust could opt against pursuing a deal, the people said.\u00a0<\/p>\n

Bremer is owned by the Otto Bremer Trust and Bremer employees, according to its website.<\/p>\n

“The Bremer Financial Corporation board of directors and the trustees of the Otto Bremer Trust are currently working together to redefine the relationship between the two organizations. As a policy, Bremer does not comment on rumors or speculation,” a representative for Bremer Financial said in a statement.\u00a0<\/p>\n

A representative for the Otto Bremer Trust said the trustees had no comment.\u00a0<\/p>\n

Bremer comes to market amid a\u00a0pickup\u00a0in small and midsize bank mergers, with lenders seeking scale to better compete with massive rivals such as JPMorgan Chase and Bank of America.\u00a0<\/p>\n

Bremer is unusual in that it is owned by a charitable trust, which was set up in the 1940s by Otto Bremer, a German immigrant who helped rescue a number of Midwestern U.S. banks during the Great Depression,\u00a0according\u00a0to its website.<\/p>\n

A major farm lender, the bank had about $16.3 billion of assets as of June 30, filings show. It was the fourth-largest deposit holder in Minnesota as of June 30, behind U.S. Bancorp, Wells Fargo and Ameriprise Financial’s bank,\u00a0according\u00a0to data from the Federal Deposit Insurance Corp.\u00a0<\/p>\n

The potential sale comes after a five-year legal spat<\/ps-link> between Otto Bremer Trust and Bremer Financial. The bank\u00a0sued\u00a0members of the trust in 2019 to keep it from selling a stake in the institution to a group of hedge funds, with the alleged purpose of ousting some board members and forcing a full sale of the bank. They reached an agreement to end all litigation in July,\u00a0according\u00a0to a statement.<\/p>\n<\/div>\n

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Bremer Financial is based in St. Paul, Minnesota.Ariana Lindquist\/Bloomberg Bremer Financial, Minnesota’s fourth-largest bank by deposits, is for sale, according to people familiar with the matter.\u00a0 Financial advisers have been retained to find a buyer for the Saint Paul-based lender, said the people, who asked to not be identified because the matter isn’t public. While<\/p>\n","protected":false},"author":1,"featured_media":7765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[2411,2122,191,2410,2354],"class_list":{"0":"post-7764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-bremer","9":"tag-buyer","10":"tag-financial","11":"tag-minnesotas","12":"tag-seeks"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7764"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7764\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/7765"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}