St. Paul, Minnesota-based lender Bremer Bank is cutting 244 employees from its Lake Elmo service center amid the bank’s acquisition by Evansville, Indiana-based Old National Bank.
The bank notified Minnesota Department of Employment and Economic Development Commissioner Matt Varilek of the job cuts via a Worker Adjustment and Retraining Notification notice late last month.
The number of layoffs by position was redacted, though the notice specified the cuts affected 104 exempt employees and 140 non-exempt employees who would be permanently laid off on Oct. 24 or Nov. 4.
All separations will occur by the end of 2026, according to the notice.
Old National said it would acquire Bremer, a 70-branch lender with $16.2 billion in assets, last November for $1.4 billion. The deal closed May 1.
Several Bremer executives stepped down following the sale of the bank, including CEO Jeanne Crain, Chief Operating Officer and Chief Financial Officer Mitch Bleske, Chief Administrative Officer Meghan Brown, Chief Risk Officer Justin Butler, and Chief Marketing and Public Relations Officer Erin Dady, Bizwomen reported.
“Parting ways with exceptional talent is never easy, and that is especially true when it comes to this group of leaders,” Crain wrote in a letter to staff. “Each member of [the senior executive team] has played a pivotal role in shaping Bremer into the organization it is today.”
Old National named KeyBank veteran Tim Burke as its president and COO in July.
A spokesperson for Old National did not respond immediately to a request for comment on the layoffs.
