07:41 AM EST, 11/25/2024 (MT Newswires) -- Old National Bancorp ( ONB ) has agreed to acquire Bremer Financial in a cash and stock deal worth about $1.4 billion, the companies said Monday.

Under the terms, each share of Bremer will be converted into the right to receive 4.182 shares of Old National plus $26.22 in cash, the companies said.

After closing, the Otto Bremer Trust, which currently holds a majority ownership stake in Bremer, will have an approximate 11% ownership stake in Old National.

The deal, which is expected to close in mid-2025, will created a combined bank with more than $70 billion in assets, the companies said.