Bremer Financial President and CEO Jeanne Crain said she will retire in mid-May, following more than four decades in finance and eight years at the helm of Bremer Bank. The timing coincides with Bremer's sale to Indiana-based Old National Bancorp on May 1 is finalized.
"As I reflect on this transition, I’m filled with deep gratitude for the relationships and shared purpose that have defined my time at Bremer," Crain said in a post on Bremer's website. "What has made it so special is the opportunity to work alongside a team who cares deeply about doing what’s right – for customers, for communities and for each other. We’ve weathered challenges, pursued ambitious goals and stayed grounded in our purpose of cultivating thriving communities."
Crain's final years with Bremer were fraught with turmoil, as the bank's three trustees tried to do away with its board and sell the bank. Crain, along with other bank leaders, opposed the forced sale and resisted the trustees' efforts. In response, both the bank’s board and employee shareholders filed suit.
The conflict escalated as the trustees countersued, and the hedge funds involved also took legal action when the stock sale was halted. Adding to the complexity, the Minnesota Attorney General’s Office—which oversees charitable organizations—filed a lawsuit seeking to remove the three trustees from their appointed roles.
The legal battle stretched on through six separate cases over several years. In April 2022, a judge removed one trustee from their position, while another later stepped down voluntarily. The case was finally settled in July 2024 and in November Bremer and Old National announced their merger.
"Through it all, Bremer has remained focused on building strong relationships and delivering lasting impact. That commitment is grounded in our values, and it lives in our team, who continue to serve with dedication and integrity. Your trust and partnership have made that possible," Crain said in her post. "As Bremer joins Old National Bank, I do so with pride in what we’ve built and full confidence in what lies ahead. This partnership is grounded in shared values and a deep commitment to community, and I truly believe it will strengthen the support and service you’ve come to expect from Bremer."