Otto Bremer Trust (OBT), a St. Paul-based bank holding company, next year will expand into all of Wisconsin and Montana. The move complements the company’s existing operations in Minnesota, North Dakota, and western Wisconsin.
In a news release, co-CEO and trustee Charlotte Johnson said that all four states were cited in the original trust.
Businessman and civic leader Otto Bremer founded OBT in 1944 as a way to make community contributions outside Bremer Bank. The trust has served primarily as a grant-making entity. However, it’s gradually expanded its suite of financial resources. Current offerings now also include medium-term loans, real estate acquisition funds, and revolving lines of credit.
To date, OBT has made grants and program-related investments of more than $700 million, including more than $50 million in 2018 alone.
OBT said it’s announcing the expansion plans now because nonprofits and other organizations are beginning to plan their 2020 budgets.
OBT won’t accept new grant requests from the new geographic areas this year, but the trust will post updates for future applications on its website.
“Two years ago, we created the expression ‘Good Lives Here’ to reflect our passion for the part of the country that was so important to our founder,” said Johnson. “It is so meaningful to now be able to reach a multitude of additional organizations and beneficiaries.”