Predict your next investment

Bremer Bank company logo
FINANCIAL | Retail Banking

See what CB Insights has to offer

Founded Year


About Bremer Bank

Bremer Bank is the name of the banks owned by the Bremer Financial Corporation. Bremer Bank offers full-service banking, investment, trust and insurance.

Bremer Bank Headquarter Location

380 St. Peter Street Suite 500

Saint Paul, Minnesota, 55102,

United States

Latest Bremer Bank News

State of Minnesota, Bremer Trust file final arguments for control of bank-owning charity

Jan 12, 2022

State of Minnesota, Bremer Trust file final arguments for control of bank-owning charity State of Minnesota, Bremer Trust file final arguments for control of bank-owning charity Attorney General's Office and Bremer Trust sum up a month's worth of court testimony in a pair of documents. January 11, 2022 — 5:11pm Trustees of the Otto Bremer Trust will keep trying to sell Bremer Financial Corp., Minnesota's fourth-largest bank, whether or not it makes financial sense, the Minnesota Attorney General's Office said in a post-trial summary of its effort to remove them. The trustees said in their own summary of October's trial that they have always managed conflicts of interest "with appropriate precision" and should be allowed to keep their jobs atop a foundation that annually distributes tens of millions of dollars across the Midwest. The filings, which were made Monday evening and available publicly Tuesday, summarized a conflict that began in 2019 between the St. Paul-based Bremer businesses — and will soon lie in the hands of Ramsey County District Judge Robert Awsumb. Lawyers are scheduled to make final arguments before Awsumb on Jan. 31. The judge will then have about three months to make a ruling that could not only affect the direction of the trust but also its main asset, Bremer Financial. The charity is the only one in the U.S. that still owns a bank. Most of the bank's profit goes to the trust, which then distributes the money in the states where the bank operates. The Bremer entities in 1989 completed a workaround to a 1969 federal law that made it illegal for foundations to own major businesses. In their compromise, the trust retained a 92% ownership stake in Bremer Financial but took a minority say in its operations. For 30 years, the two Bremer entities generally operated in an arm's-length manner. But their competing interests surfaced in early 2019 when Bremer Financial executives told trustees that, as valuations were soaring in the banking industry, another bank had expressed interest in a merger. Trustees realized that a sale could create a moment of liquidity for its biggest asset. They estimated the proceeds of a sale would double the trust's approximately $1 billion base of assets. The trust would then be able to diversify into other investments that might grow at a faster rate than Bremer Financial. By summer 2019, trustees and the bank's board were clashing over whether and who would lead a sale or other strategic action. The bank's executives and board accused trustees of trying to personally profit from a sale, saying that an enriched trust would pay them bigger salaries. Trustees pointed to the executives' own large salaries and desire to retain their jobs. After a series of lawsuits, the Attorney General's Office, which has oversight of charitable trusts, intervened and sued to remove the Bremer trustees — Charlotte Johnson, Brian Lipschultz and Daniel Reardon. The AG's office said it takes no position on the eventual fate of Bremer Financial, but its entry into the matter effectively froze further market action. In the latest filing, the state underscored its argument that the three trustees behaved in ways that were not in the interests of the charities that benefit from the trust's annual giving. Nearly two-thirds of the 106-page document focuses on the dispute that arose in 2019, including a partial sale of the trust's stake in Bremer Financial to other investors who backed a complete sale. The state said the current trustees have gone so far in their effort to sell the stake in Bremer Financial that, if they stay, they'll make a deal "regardless of whether it is best for the trust." "Changed circumstances call into doubt that trustees will evaluate the future need to sell and use their discretion based upon legitimate factors, as opposed to self-interested ones," the state wrote. As part of its criticism, the state noted that trustees had spent nearly $20 million trying to sell Bremer Financial, $7.5 million fighting the attorney general's lawsuit and $1.9 million responding to the agency's investigation. The state has not disclosed what it has spent on the Bremer dispute. In their filing, the trustees said that their actions can't be "reviewed or evaluated in a vacuum without acknowledging the conduct" of Bremer Financial executives and board members. They noted that Bremer Financial has spent more than $20 million on fees associated with the litigation it initiated. The trustees placed the trust's legal spending at around $16 million. Evan Ramstad is a team leader in business news, working with reporters who cover the food industry from field to fork. He also writes about technology, banking and the economy.

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Bremer Bank Web Traffic

Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Bremer Bank Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.