Regional lender Old National Bancorp will buy privately held Bremer Financial in a $1.40 billion cash-and-stock deal, the companies said on Monday, creating a combined bank with over $70 billion in assets.

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St. Paul-based Bremer Financial Corporation is merging with Old National Bancorp in a deal worth $1.4 billion in cash and stocks. Old National is on track to become the third-largest bank in the Twin Cities.