April 2019: Bremer Financial receives inquiry from Great Western Bancshares for informal exploration of a merger of equals. Bremer Financial board authorizes further discussions.
Timeline of the fight between Otto Bremer Trust and Bremer Bank
The leaders of two organizations began fighting in 2019 over the future of Minnesota's fourth-largest bank.
By Star Tribune staff
April 29, 2022 at 10:48PM
June 2019: Trustees of Bremer Trust inform Bremer Financial board they dislike merger-of-equals structure, say outright sale will yield more value for trust. Board votes to end talks with Great Western.
August 2019: Bremer Trust trustees meet executives from two banks, but no offers for Bremer Financial materialize.
October 2019: Bremer Trust trustees publicly announce the trust's shares in Bremer Financial are for sale.
November 2019: Bremer Financial sues the trustees, accusing them of a "disloyal scheme" to seize control of the bank company.
September 2020: Minnesota Attorney General Keith Ellison sues to remove trustees from leadership of Otto Bremer Trust, announces plan to appoint three new trustees
October 2021: State District Judge Robert Awsumb presides over an evidentiary hearing that lasted 18 days.
January 2022: Attorneys file findings of fact with Awsumb and make closing arguments at one-day hearing.
April 2022: Awsumb orders the removal of Brian Lipschutz, the trustee who pushed the hardest in 2019 for a sale of Bremer Financial, and says separating the two Bremer entities might be in the best interests of both.
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Star Tribune staff
Every financial decision you make sets you on a path of discovery. There is not a GPS to effortlessly guide you. Instead, you bushwhack your way through what you thought life would be like to get to the way it really is.
