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
The Bremer Bank branch at the IDS Center in Minneapolis (Aaron Lavinsky, Star Tribune/The Minnesota Star Tribune)

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 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.

about the writer

about the writer

Star Tribune staff

More from Business

card image

The InPen app paves the way for the launch of the company’s “Smart MDI” system combining a smart insulin pen that tracks doses and a monitor that makes real-time glucose readings for people who make multiple daily injections.

card image
card image