Bremer Financial Corp, is for sale, according to BNN Bloomberg, citing sources familiar with the matter.
Financial advisers have been retained to find an acquirer for the St. Paul-based lender, according to the report. Bremer Bank had $16.2 billion in assets and about $1.35 billion of equity capital as of June 30, according to regulatory filings.
Bremer Bank is owned by Otto Bremer Trust. “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,” the company wrote to Bloomberg. “As a policy, Bremer does not comment on rumors or speculation.”
Otto Bremer Trust recently took part in a years-long court battle following the 2019 decision by Otto Bremer Trust trustees Daniel Reardon, Charlotte Johnson and Brian Lipschultz to sell the trust’s share in the St. Paul-based Bremer Financial Corp. to a group of hedge fund managers with the reported goal of forcing out some board members and sparking a full sale of the bank. In July, the three trustees and Bremer Financial Corp. reached an undisclosed settlement.
