Events

1944: St. Paul banker Otto Bremer creates Otto Bremer Foundation to own his bank investments after his death, contribute their profits to charities in Minnesota and nearby states.

1951: Otto Bremer dies.

1969: Congress passes Tax Reform Act that overhauls taxation of non-profit entities, dividing them into private foundations and public charities and preventing both from owning for-profit entities.

1989: Bremer Foundation reorganizes and reduces voting control in Bremer Bank to comply with 1969 act, maintains stake as chief shareholder

2014: Now called the Bremer Trust, its trustees take operational control by firing executive director.

April 2019: Bremer Financial receives inquiry from Great Western Bancshares for informal exploration of a merger of equals. Bremer Financial board authorizes further discussions.

June 2019: Trustees of Bremer Trust inform Bremer Financial board they dislike merger-of-equals structure, say outright sale will yield more value for trust. Board votes to end talks with Great Western.

August 2019: Bremer Trust trustees meet executives from two banks, but no offers for Bremer Financial materialize.

October 2019: Bremer Trust trustees publicly announce the trust's shares in Bremer Financial are for sale.

November 2019: Bremer Financial sues the trustees, accusing them of a "disloyal scheme" to seize control of the bank company.

September 2020: Minnesota Attorney General Keith Ellison sues to remove trustees from leadership of Otto Bremer Trust, announces plan to appoint three new trustees

October 2020: State District Judge Robert Awsumb presides over an evidentiary hearing that lasted 18 days.

Source : https://www.startribune.com/key-events-in-the-relationship-of-bremer-financial-and-the-otto-bremer-trust/600109275/

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