S&C Advises the Otto Bremer Trust in Bremer Financial’s $1.4 Billion Acquisition by Old National

Bremer Financial Corporation, a Minnesota-based financial services company with more than $16 billion in assets, has agreed to be acquired by Old National Bancorp, the sixth-largest commercial bank headquartered in the Midwest, for $1.4 billion.

The combined company will have more than $70 billion in assets and a significantly larger footprint in the Midwest, making Old National the third-largest bank in the Twin Cities.

S&C is representing the Otto Bremer Trust, a private charitable trust based in St. Paul, Minnesota that holds a majority ownership stake in Bremer Financial. Since its inception in 1944, the Trust has made more than $1.1 billion in grants and program-related investments to more than 4,200 organizations. Upon the closing of the transaction, the Trust will have an approximately 11% ownership stake in the combined company and a trustee of the Trust will join the Old National Board of Directors.

The S&C team includes Rodge Cohen, Mitch Eitel, Michelle Chen, Irene Kim and Rayna Guo. Charles T. Dowling, Elizabeth A. Kubanik, Alexander W. Castle and Kelly P. Earle are advising on trust matters. Matthew M. Friestedt, Sarah Remmer Long and Rebecca M. Rabinowitz are advising on executive compensation matters. Ha Jin (Tessa) Lee and Kris Kania are advising on tax matters. Mehdi Ansari and Elianne Neuman Schiff are advising on intellectual property matters. Mario Schollmeyer and Daniel E. Fradin are advising on securities law matters. Bradley P. Smith, Clea M. McClellan and Shane M. Palmer are advising on antitrust matters.