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.

Old National Bancorp (Nasdaq: ONB) is acquiring Bremer Financial Corp. in a deal worth $1.4 billion, according to an announcement Monday morning from the two lenders.

As part of the merger, the Otto Bremer Trust will own about 11% of Old National and also appoint one person to Old National's Board of Directors.