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Bremer announces plans to open on Lake Street as bank works to help build a more equitable future


Today, Bremer Bank announced plans to open a Lake Street, Minneapolis location, having signed a finalized lease late last week. Construction is expected to begin in late spring, with a projected opening in the third quarter of 2022.

“As we have worked to fulfill and expand the commitments outlined in our racial equity action plan, we have heard loud and clear that additional physical presence is critical in the Twin Cities community to build a more equitable path forward. The Phillips neighborhood is vibrant, filled with small businesses and entrepreneurs, and we are thrilled to take the first concrete step to establish this new branch,” said Jeanne Crain, Bremer Bank President and CEO.

In June of 2020, Bremer took an inward look to develop the first iteration of its racial equity action plan. Among other commitments, the plan included a promise to listen and learn from local BIPOC community leaders and establish a greater presence in underserved areas, starting with a particular focus in the Twin Cities.

In 2021, Stephen Spears was hired onto Bremer’s senior leadership team to lead the bank’s efforts to establish a greater presence to serve the BIPOC community and BIPOC businesses. Over the next few months, Spears’ team will continue to work closely with community leaders to ensure Bremer is bringing in staff with the right kind of expertise for the Phillips neighborhood, serving them in the best way possible.

“Bremer is making good on its commitment to be more present in historically underrepresented communities. We know that the opportunity in and for this neighborhood is great, and I am looking forward to listening and learning more from local leaders as we position the branch and its staff to offer the right products and services that meet the needs of the people in this vibrant community,” Spears, Bremer’s Senior Vice President of Community Banking, said.

The new, full-service branch will be located at 2130C East Lake Street, just a few blocks from the affordable housing project that was destroyed during the civil unrest in June of 2020. Its design is yet to be finalized but is expected to feature an open floorplan concept utilizing partner tables rather than a traditional teller line, include ATM access, and offer a unique multi-purpose community room which will be open to community use both during and outside of bank hours. It will not include a drive-thru.

About Bremer Financial Corporation

Bremer Financial Corporation is a privately held, regional financial services company with $16 billion in assets, 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, 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.