Bremer to buy Eastwood Bank in Rochester

Bremer Financial Corporation, St. Paul, Minn., has agreed to acquire Eastwood Bank, Rochester, Minn..The acquisition of Eastwood's 13 branches fills out Bremer's presence in southeast Minnesota. Bremer's nearest office is in Owatonna, Minn., about 40 miles west of Rochester and 25 miles west of the nearest Eastwood branch in Kasson, Minn..That lack of overlap will likely prove positive for Eastwood's employees. Over the next six months, Bremer will examine Eastwood to see if adjustments are needed, but the company does not anticipate the need for extreme changes, according to the Rochester Post-Bulletin.."We have every intention to continue forward with these locations that Eastwood Bank has built," said Greg Hilding, Bremer's Midwest group president..After the merger, Brad Peters, Bremer Bank's Southeast Minnesota Region CEO, will oversee the Eastwood Bank locations and current Eastwood President Paul Tieskoetter will report to Peters..Eastwood Chairman James Talen and David Talen, president of Eastwood's holding company, will remain with the combined organization through 2015 to assist with the transition..Pending regulatory approval, the deal is expected to close in January.."We have carefully considered what is best for our shareholders, customers, communities and employees, and we believe the decision to become part of the Bremer organization is the right choice for meeting the best interests of all of these groups," James Talen said. "I have great respect for Bremer and its senior leadership, and trust in their ability to compete and grow in this ever-changing financial services industry.".The $8.9 billion Bremer did not disclose how much it paid for the $675 million Eastwood.