ST. PAUL — Bremer Bank, based in St. Paul, will be sold to Evansville, Indiana-based Old National Bank, spokespeople from Bremer Financial and Old National Bancorp announced this week. Old National will acquire Bremer for $1.4 billion.

Combined, the two organizations will have more than $70 billion in assets, and become the third largest bank in the Twin Cities, a news release said. The merger would also expand Old National’s reach into markets in Minnesota, North Dakota and Wisconsin.

“This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks,” Old National Chairman and CEO Jim Ryan said in a news release. “When you look at what has made Bremer Bank a leading institution since 1943, what you quickly find are the same strategic priorities and cultural principles that have guided Old National’s success for 190 years: a strong deposit franchise, a diversified loan portfolio accentuated by exceptional credit quality, and a passion for investing in and strengthening communities. I am incredibly confident that, through this partnership, Bremer and Old National will be even better together.”

“For more than 80 years, we’ve been honored to carry out the legacy of our founder, Otto Bremer,” said Jeanne Crain, president and CEO of Bremer. “When our majority shareholder, the Otto Bremer Trust, reaffirmed its interest in selling Bremer Bank, we appreciated the opportunity to identify a partner through a collaborative process to ensure the best possible outcome for our customers, employees, and our communities. With Old National, we have confidence we found a great fit.”

The Otto Bremer Trust currently holds a majority ownership stake in Bremer, a news release said. Since its establishment in 1944, the trust has made more than $1.1 billion in grants and program-related investments to more than 4,200 organizations.

When the sale to Old National closes, the Otto Bremer Trust will have about an 11% ownership stake in Old National, the news release said. A trustee of the Otto Bremer Trust will also join the Old National Board of Directors.

Old National said the partnership transaction with Bremer includes a total of 48 branches in Minnesota, 14 branches in North Dakota, and eight branches in Wisconsin.

As of September 30, Bremer had $16.2 billion in total assets, $11.5 billion in total loans, and $13.2 billion in deposits, a news release said.