“Our strategy has always remained focused on growing the Bank efficiently and profitably. The Bank has an incredibly talented team that just gets it done.” stated Jerry Baack, President and Chief Executive Officer.
Bloomington, Minnesota (PRWEB) May 25, 2016
Bridgewater Bank has completed an acquisition of First National Bank of the Lakes, headquartered in Orono, MN, effective May 20, 2016.
As a result of this purchase, Bridgewater Bank acquired assets of approximately $75 million; $30 million in loans and $74 million in deposits. In addition, Bridgewater Bank will increase its geographic presence in the Twin Cities adding three new branches. The acquired branches are located in Uptown, Orono and Richfield.
“Although we have had no difficulties growing the bank organically, this acquisition came at the perfect time.” stated Jerry Baack, President and Chief Executive Officer. “Through this acquisition, Bridgewater instantly gains premium branch locations, expands its core deposits and diversifies the Bank’s current loan portfolio, all critical elements of the Bank’s strategic plan to become the prominent commercial bank in the State of Minnesota.”
Bridgewater Bank is reputed to be the fastest growing bank in the State of Minnesota and ranked as one of the highest performing in the Nation by SNL Financial. To date all growth has been fueled organically, with loan and deposit growth consistently exceeding industry norms. In less than 11 years, the Bank has surpassed $1 billion in total assets, ranking the Bank as the ninth largest bank in the State of Minnesota by asset size. Prior to the acquisition the loan portfolio exceeded $840 million and deposits were well over $850 million.
“Our strategy has always remained focused on growing the Bank efficiently and profitably. The Bank has an incredibly talented team that just gets it done.” stated Jerry Baack, President and Chief Executive Officer. “The recent milestone of breaking through $1 billion, just days before we complete our first acquisition, validates the commitment of our team, shareholders, Board of Directors and clients, all of who have contributed to the growth and momentum of the Bank.”
About Bridgewater Bank
Bridgewater Bank is a full service bank committed to serving the diverse needs of successful entrepreneurs and individuals. With an asset size of over $1 billion and seven branches, Bridgewater ranks among the top nine banks in the Twin Cities. Providing responsive service and simple solutions for entrepreneurs has been the focus of the bank since its inception in 2005. The leaders are entrepreneurs themselves and understand that creative, flexible solutions are what set them apart as market leaders.
The seven current locations serving clients across the Twin Cities Metropolitan area offer a full range of commercial lending products; state of the art cash management options; commercial and consumer deposit accounts.