Bremer Bank CEO Jeanne Crain Announces Departure After Historic Sale

ST. PAUL, Minn. — Jeanne Crain, the long-standing CEO of Bremer Financial Corporation, announced her upcoming retirement effective May 16, following the bank’s sale to Indiana‘s Old National Bancorp, set to finalize by May 1.

Crain, who has led Minnesota‘s second-largest bank since November 2016, expressed gratitude for her tenure in a LinkedIn post on Thursday, marking her departure as a significant chapter of her four-decade career in banking.

“As I reflect on this transition, I’m filled with deep gratitude for the relationships and shared purpose that have defined my time at Bremer,” Crain wrote. “This chapter has truly been the most meaningful of my career.”

The sale to Old National, valued at $1.4 billion, brings to a close a five-year legal battle surrounding the bank. Bremer’s unique structure, owned by the Otto Bremer Trust, has both facilitated philanthropic endeavors and posed challenges in the competitive banking landscape. The trust is notable as the only entity of its kind owning a commercial bank in the U.S.

Crain’s departure comes after a tumultuous period instigated by disagreements among trustees regarding a potential merger with Great Western Bancshares, which ultimately led to the current sale. The Minnesota Attorney General’s Office investigated alleged breaches of duty by trustees, resulting in protracted legal disputes.

This legal strife, combined with the bank’s efforts to adapt to modern financial services, culminated in the eventual agreement with Old National. Crain’s leadership during this period has been widely acknowledged; Old National’s Rick Vach praised her as a distinguished banking leader.

“Jeanne’s strong and steady leadership set the bar exceptionally high for what it means to exceed client expectations and strengthen and support communities,” Vach stated.

Crain, who joined Bremer in 2012, spearheaded several initiatives, including brand reinvigorations and new branch openings aimed at expanding Bremer’s market share, particularly in eastern Wisconsin. Under her leadership, the bank became the 12th largest agricultural lender in the nation.

In 2023, the Otto Bremer Trust gifted $105 million to over 1,000 organizations, reflecting the bank’s commitment to community-oriented financial services, particularly for low- to moderate-income homebuyers.

As Bremer Bank transitions into Old National, it is expected to emerge as Minnesota’s third largest bank, with a combined asset portfolio exceeding $70 billion and approximately 70 branches across Minnesota, North Dakota, and Wisconsin.

Crain noted her farewell message on LinkedIn, acknowledging the significance of the banking partnership and expressing confidence in Bremer’s future as it integrates into Old National. “This partnership is grounded in shared values and a deep commitment to community,” she said. “It has been an honor to serve as CEO.”

The upcoming merger completes a significant transformation for Bremer Bank, historic in both its operations and its financial structuring through charity-based ownership.