Bremer Financial Corp. in St. Paul has announced plans to acquire Dean Financial Services for an undisclosed sum.
Dean, also based in St. Paul, is a $312 million-asset holding company that operates four community banks in Minnesota. The acquisition would be the fifth in six years for Bremer and would boost the company's assets to $3.7 billion.
Founded in 1943, privately held Bremer is one of Minnesota's largest banking companies. Last year the holding company-which also has offices in North Dakota and Wisconsin-changed the name of its subsidiaries from First American Banks to Bremer Banks in honor of its founder, Otto Bremer.
Though the two companies compete in some markets, Bremer does not plan to close any of Dean's 11 branches. The deal is expected to close in April.