Connect with us

Star Tribune

Old National to acquire Minnesota bank

Avatar

Published

on


Bremer Financial and Old National Bank are joining forces and will create the third-largest bank in the Twin Cities, the companies announced Monday.

Old National is acquiring Bremer in a deal worth $1.4 billion. Bremer Financial is the company that operates Bremer Bank.

When the merger is complete, the new corporation will have more than $70 billion in assets and expand Old National’s footprint with 70 more banking centers throughout Minnesota, North Dakota and Wisconsin.

“This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks,” said Old National Chairman and CEO Jim Ryan in a statement Monday. “When you look at what has made Bremer Bank a leading institution since 1943, what you quickly find are the same strategic priorities and cultural principles that have guided Old National’s success for 190 years: a strong deposit franchise, a diversified loan portfolio accentuated by exceptional credit quality, and a passion for investing in and strengthening communities. I am incredibly confident that, through this partnership, Bremer and Old National will be even better together.”

As of September, Bremer had 16.2 billion in assets, $11.5 billion in total loans and $13.2 billion in deposits.

The news comes months after Bremer, one of Minnesota’s largest banks, which is owned by the Otto Bremer Trust, came to a legal settlement. The trust wanted to sell the bank, saying it would be more profitable while Bremer Financial looked to merge with Great Western Bancshares.

The two sides reached an agreement in July paving the way for Monday’s announcement.

“For more than 80 years, we’ve been honored to carry out the legacy of our founder Otto Bremer,” said Jeanne Crain, president and CEO of Bremer. “When our majority shareholder, the Otto Bremer Trust, reaffirmed its interest in selling Bremer Bank, we appreciated the opportunity to identify a partner through a collaborative process to ensure the best possible outcome for our customers, employees, and our communities. With Old National, we have confidence we found a great fit.”



Read the original article

Leave your vote

Continue Reading

Star Tribune

Police ID man, 28, fatally shot near Minneapolis park over weekend

Avatar

Published

on


Officials on Monday identified a man who was shot to death over the weekend near a south Minneapolis park.

Ivan J. Bercier, 28, was shot about 4:45 a.m. Saturday at an address in the 2400 block of 17th Avenue S., according to police records. Recent court filings list his last known address as being in St. Paul.

No arrests have been announced.

Officers responding to reports of three gunshots around 4:45 a.m. They found a wounded Bercier near East Phillips Park. He was taken by emergency medical responders to HCMC, where he died.

“This is a tragic event that occurred in a neighborhood near a park and a church,” read a statement from Police Chief Brian O’Hara. “”We need anyone with information about what happened to contact us immediately.”

Police are urging anyone with information to contact them at policetips@minneapolismn.gov or 612-673-5845. Tips are also being received by CrimeStoppers at 1-800-222-TIPS (8477).



Read the original article

Leave your vote

Continue Reading

Star Tribune

Minneapolis Downtown Council reveals newest plan to revive city’s core

Avatar

Published

on


The next decade could bring downtown Minneapolis a marquee outdoor ice rink, a Michelin star, consistent skyway hours and thousands more residents, if the Downtown Council’s 10-year plan comes to fruition.

The business organization unveiled its vision Monday for downtown through 2035, including ambitious goals to transform Minneapolis’ urban core to meet new demands and desires. That starts with filling the gaps office workers left when remote and hybrid work became popular during the COVID-19 pandemic.

“Our city is at a pivotal point, and this plan meets the moment,” Minneapolis Downtown Council President and CEO Adam Duininck said in a statement. “This plan represents more than just aspirations for the future. It’s a blueprint for making downtown the premier place to live, work and celebrate over the next decade.”

Proposals in the 131-page “Downtown by Design” report range from massive redevelopment aspirations — including the transformation of the riverfront U.S. Post Office — to more modest improvements such as the removal of pavement and grating around trees on Nicollet Mall.

Their timelines, progress and feasibility also vary widely: While some projects, like the redesign of North First Avenue, are already underway, other new ideas like the outdoor ice rink have few concrete details.

“Downtown Minneapolis is in the midst of an exciting transformation, rising as the north’s top destination for arts, sports, dining, shopping and business,” Frey said in a statement. “Our city deserves a downtown where innovation and bold ideas become everyday reality — and the 2035 Plan is helping drive that change.”

The strategy is organized around four main pillars: neighborhood cultivation, foundational safety, hassle-free systems and irresistible vibe.



Read the original article

Leave your vote

Continue Reading

Star Tribune

White Bear Lake Schools to offer Spanish dual-language immersion

Avatar

Published

on


Students at two elementary schools in White Bear Lake will have lessons in a mix of English and Spanish next school year.

The district is the latest to launch a Spanish dual immersion program, designed to help students become bilingual by offering opportunities to read, write, listen and speak in two languages. Starting next fall, Otter Lake and Matoska International elementary schools in White Bear Lake will each host up to three immersion kindergarten classes. Transportation for the program will be offered to families throughout the district.

The model is a popular draw at other schools across the metro area. Some districts, like Richfield, are seeing boosts in the number of families open enrolling there so they can get their child into Spanish dual-language immersion classes. In the face of enrollment declines and budget woes, Minneapolis Public Schools has discussed expanding dual-language immersion programming to try to draw families to the city’s schools.

Some, but not all, of the school districts surrounding White Bear Lake Area Schools have similar programs, said Alison Gillespie, the district’s assistant superintendent for teaching and learning.

“We have families that have younger children in immersion daycares that are close to us who were really wondering what type of programming that we were going to offer,” she said. “We’re getting continuous feedback from people that they were excited about the potential of this.”

The White Bear Lake program is designed to serve both Spanish-speaking families and families that don’t speak Spanish at home. Discussions about adding such a program in the district have been ongoing for more than a decade, Superintendent Wayne Kazmierczak said.

“We were poised to move ahead,” he said, adding that district leaders felt the addition aligned with the district’s strategic plan while addressing families’ desires and student need.

School Board Chair Angela Thompson agreed. “This is forward-thinking education,” she said in a statement. “When I look at the job market, almost all of our employers want you to have a second language.”



Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.