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.
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.
