1944: St. Paul banker Otto Bremer creates Otto Bremer Foundation to own his bank investments after his death, contribute their profits to charities in Minnesota and nearby states.
Key events in the relationship of Bremer Financial and the Otto Bremer Trust
Both were started by one of the giants of the St. Paul business scene in the mid-20th Century.
By Star Tribune
October 23, 2021 at 1:00PM
1951: Otto Bremer dies.
1969: Congress passes Tax Reform Act that overhauls taxation of non-profit entities, dividing them into private foundations and public charities and preventing both from owning for-profit entities.
1989: Bremer Foundation reorganizes and reduces voting control in Bremer Bank to comply with 1969 act, maintains stake as chief shareholder
2014: Now called the Bremer Trust, its trustees take operational control by firing executive director.
April 2019: Bremer Financial receives inquiry from Great Western Bancshares for informal exploration of a merger of equals. Bremer Financial board authorizes further discussions.
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 2020: State District Judge Robert Awsumb presides over an evidentiary hearing that lasted 18 days.
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