Old National Bank in 2025: A Powerhouse After the $1.4B Bremer Merger
Old National Bancorp (NASDAQ: ONB) is entering 2026 as a fundamentally transformed institution. The Indiana-based bank’s landmark acquisition of Bremer Financial Corporation, finalized in May 2025, has reshaped its scale and strategic footprint. As the dust settles on this $1.4 billion deal, the focus has shifted to integration and performance—and the bank’s latest earnings report suggests it’s delivering. For customers, investors, and the broader Midwest banking landscape, understanding Old National’s current trajectory is key.
The third quarter of 2025 served as the first major report card post-Bremer integration, revealing strong financial health and a completed conversion process. Beyond the numbers, the bank is navigating the delicate balance of growth while maintaining its community-focused ethos, a challenge familiar to any regional bank pursuing aggressive expansion.
The Bremer Bank Acquisition: A Transformative Deal
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Old National’s acquisition of St. Paul, Minnesota-based Bremer Bank stands as its most significant strategic move in recent history. Announced in November 2024 and officially closed on May 1, 2025, the partnership instantly expanded Old National’s presence in the Upper Midwest. Management has emphasized its proven track record with integrations, having completed nine bank M&A transactions over the past decade, a process they internally dubbed “Project Brewery.”
The deal’s primary goal was to create a stronger, more diversified regional bank with enhanced scale. For Bremer customers, the transition has been a primary concern, with mixed early feedback on Reddit and review platforms highlighting typical post-merger service adjustments. Old National has actively worked to address these, reversing fees and communicating changes as it consolidates roughly $3 billion in wealth assets from the acquisition.
Q3 2025 Financial Performance: By the Numbers
Old National’s third-quarter 2025 results powerfully demonstrate the initial success of the Bremer integration. The bank reported robust profitability and key metrics that beat analyst expectations, signaling effective execution.
| Metric | Q3 2025 Result | Key Insight |
|---|---|---|
| Net Income (Common Shares) | $178.5 million | Core profitability |
| Adjusted EPS | $0.59 | Beat forecast of $0.56 |
| Total Revenue | $705.07 million | Exceeded expectations |
| Net Interest Margin (NIM) | 3.64% | Up 11 basis points |
| Total Deposits | $55.0 billion | Up 4.8% annualized |
| Total Loans | $48.0 billion | Up 3.1% (ex-Bremer loans) |
| Efficiency Ratio (Adjusted) | 48.1% | Indicates strong cost management |
CEO Jim Ryan stated in the earnings release, “with conversion activities related to our Bremer partnership now complete, Old National is exceptionally well positioned for the remainder of 2025 and beyond.” The results back this up, showing growth in core deposits and loans, alongside a healthy net interest margin. The $69.3 million in pre-tax merger-related charges were anticipated costs of the large-scale integration.
Leadership Transition on the Horizon
Amidst this period of stability and growth, a key leadership change is approaching. Old National announced on December 3, 2025, that Commercial Banking CEO Jim Sandgren will retire in April 2026. This planned succession comes at a time when the commercial division is integral to leveraging the new scale from the Bremer merger, ensuring a smooth transition will be a priority for the board.
Strategic Position and Customer Outlook
Old National’s strategy hinges on being a “community bank with regional scale.” The Bremer acquisition is a cornerstone of this, providing not just asset growth but also entry into new markets. The bank is now focused on cross-selling services and realizing the full synergies of the partnership, a process supported by partners like LPL Financial for wealth management integration.
For customers, the modern reality is a blend of local decision-making with the resources of a larger institution. While online reviews on platforms like WalletHub show customer frustration with fees—a common industry pain point—the bank’s effort to celebrate client successes and address service issues post-merger is part of its reputational management. The true test will be retaining Bremer’s customer base while upholding service standards.
Old National’s Acquisition History (Recent Years)
The Bremer deal is the latest in a series of strategic acquisitions that have built Old National into its current form. This disciplined M&A approach is a hallmark of its growth strategy.
| Acquired Entity | Type | Notable Details |
|---|---|---|
| Bremer Bank | Commercial Bank | Acquired Nov 2024 / Closed May 2025 for $1.4B |
| Several Community Banks | Various | Part of 9 successful integrations over the past 10 years |
Common Questions
When did Old National Bank officially acquire Bremer Bank?
Old National Bank completed the closing of its merger with Bremer Financial Corporation on May 1, 2025. The deal was first announced in November 2024.
How did Old National Bank perform financially in Q3 2025?
Old National reported strong Q3 2025 results, with net income of $178.5 million and adjusted earnings per share of $0.59, which beat analyst forecasts. Revenue was $705.07 million, and the bank reported completed integration of the Bremer partnership.
What is the future outlook for Old National Bank after the Bremer merger?
Management has stated the bank is “exceptionally well positioned” following the completed Bremer integration. The focus is now on realizing synergies, growing core loans and deposits, and navigating a planned leadership transition in its commercial banking division in April 2026.
Has the Bremer acquisition affected Old National Bank’s customers?
As with any large bank merger, some customers have reported service adjustments and fee-related issues during the transition. Old National has been addressing these concerns on a case-by-case basis while working to consolidate systems and maintain its community bank feel on a larger scale.