January 26, 2015 - Bremer Bank announced today that it has completed the acquisition of Eastwood Bank in Rochester. All 13 Eastwood Bank locations in southeast Minnesota are now Bremer Bank locations. With the completed acquisition, Bremer has added more than $675 million in assets. Terms of the transaction were not disclosed.
“We are thrilled to complete the acquisition of Eastwood and bring together two outstanding financial services organizations that are committed to superior client service and strengthening our communities,” said Bremer’s Midwest Group President Greg Hilding. “There has been a lot of hard work going on at both Eastwood and Bremer over the past six months and we are excited to welcome the new locations and employees to Bremer. More than anything, we look forward to bringing Bremer’s capacity and resources to these Southeast Minnesota communities.”
Brad Peters, Bremer Bank Southeast Minnesota Region Chief Executive Officer will oversee the new network of branch locations. Current Rochester Market President Paul Tieskoetter will continue in his role and Dave Marcoux of Bremer Bank will manage private banking and retail banking in Rochester.
With the completion of the acquisition, Bremer is now one of the region’s largest financial services companies. The organization has approximately 2,000 employees and more than 90 bank branches in communities across Minnesota, North Dakota and Wisconsin. Bremer offers a comprehensive range of banking, investment, trust and insurance services.Bremer Financial Corporation
Bremer Financial Corporation is a privately held, $12 billion regional financial services company jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, mortgage, investment, wealth management, trust and insurance products and services throughout Minnesota, North Dakota and Wisconsin. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.