Otto Bremer
Otto Bremer | |
|---|---|
| Born | Template:Birth date Seesen, Germany |
| Died | February 18, 1951 (aged 83) |
| Occupation(s) | Financier, benefactor |
| Known for | Founder of Bremer Bank; founder of Otto Bremer Foundation |
Otto Bremer (October 22, 1867 – February 18, 1951) was a German-American financier and benefactor. He is recognized for founding Bremer Bank and establishing the Otto Bremer Foundation, which supports community development initiatives in areas served by the bank.
Immigration, banking and brewing
Originating from Seesen, Germany, where his father worked as a banker, Bremer emigrated to the United States in 1886 alongside his brother Adolf. He initially worked as a stock clerk in St. Paul, Minnesota, before securing a bookkeeping position at the National German American Bank in 1887. Over time, he rose through the ranks to become a principal shareholder and was appointed Chairman of the newly formed American National Bank in 1921, a role he maintained for two decades.
By 1901, Otto and Adolf had acquired a 25% ownership stake in Schmidt's Brewery. Following the death of founder Jacob Schmidt in 1911, Adolf assumed control of the brewery, while Otto succeeded him as President after Adolf passed away in 1939. Both brothers were actively engaged in political matters, notably opposing early prohibition legislation.
During the Great Depression, Bremer strategically invested in numerous small-town banks, ultimately holding interests in 55 banks by the mid-1930s. He risked the entire capital value of his banking assets and received financial backing from Adolf through pledges of Schmidt Brewing Company shares. Together, they oversaw operations at Jacob Schmidt Brewing Company.
In 1943, Otto created the Otto Bremer Company to serve as a holding corporation for his banking ventures. The following year, he launched the Otto Bremer Foundation to direct profits toward charitable grants benefiting communities where Bremer banks operate. As of 2009, the Foundation contributes roughly $25 million annually. Employees are encouraged to engage in volunteer work locally, collectively donating over 100,000 hours each year.
Bremer also dedicated more than ten years as Treasurer of St. Paul and acted as an advisor to Presidents Woodrow Wilson and Franklin D. Roosevelt. Roosevelt appointed him to oversee Minnesota’s Federal Home Owner's Loan Corporation.
Kidnapping of Edward Bremer
In 1934, Edward Bremer—Otto’s nephew and a banker—was abducted by the Karpis-Barker gang during daylight while dropping his daughter off at Summit School in St. Paul. This incident, along with the kidnapping of brewing heir William Hamm, Jr., brought an end to the O'Connor agreement, which had permitted criminals to use St. Paul as a refuge provided they refrained from committing crimes within city limits. The Bremer family paid a ransom totaling $200,000—twice the $100,000 paid for Hamm—and both men were released unharmed after approximately one week.
Legacy
Upon his death in 1951, Otto Bremer left most of his wealth and shares in Otto Bremer Bank Company to the Otto Bremer Trust. Today, this Trust remains the principal shareholder of Bremer Bank, owning about 92% of its stock; the remaining shares are held by current and former employees.
Bremer Bank
Bremer Bank, a subsidiary of Bremer Financial Corporation—a holding company established by Otto Bremer in 1943—maintains branch locations throughout Minnesota, Wisconsin, and North Dakota. The institution, with approximately $1 billion in financial capital and total assets amounting to $12.3 billion, is based in St. Paul, Minnesota. Ownership is fully held by the bank's employees alongside the Otto Bremer Trust.