July 19, 2016 - Bremer Financial Corporation (Bremer) today announced that president and chief executive officer Patrick Donovan, age 62, will be retiring from the company effective December 31, 2016.
Donovan joined Bremer in 2002 as chief operating officer and was named chief executive officer in 2009. The bank has hired Chicago-based search consulting firm, Spencer Stuart, to assist the Bremer board of directors in finding Donovan’s successor.
“We have been fortunate to have Pat as our CEO for the past seven years. He has helped Bremer emerge from the worst financial services crisis in modern times as a safe, sound, strong bank producing record earnings,” said Ronald James, chairman of the Bremer board of directors. “We are working together to plan and prepare for his succession and are fortunate that he will be with us to provide advice and counsel through the end of the year.”
As a 40-year banking veteran, Donovan presided over Bremer as it exceeded $10 billion in total assets while increasing efficiency and preparing for regulatory requirements. The organization also performed in the top quartile in the mid-sized regional peer group over the last five years. Under Donovan’s leadership, Bremer acquired a bank in Southeast Minnesota, consolidated nine bank charters, and expanded into five new markets.
Prior to his tenure with Bremer, Donovan held various positions in the banking industry, including president and chief operating officer of banking operations at Wells Fargo, where he was responsible for the company’s Minnesota, Indiana and Ohio regions. He also oversaw a variety of teams while at First Bank and Norwest. Donovan has served on numerous corporate boards, including Aero Engineering Systems and Alpha Cellulose Corporation, and community boards, including Greater Twin Cities United Way and St. Catherine University.
“It’s been a tremendous honor to lead Bremer and work alongside outstanding employees,” said Donovan. “The bank is positioned strongly for the future, and the time is right for a transition to new leadership.”
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.