Bridgewater Bank Announces Arrival in Downtown Minneapolis
Bloomington, Minnesota (PRWEB) July 18, 2013 -- Bridgewater Bank, Bloomington, MN is pleased to announce their newest branch in downtown Minneapolis. Located at the corner of Marquette Avenue and Seventh Street, this auspicious location resides in the epicenter of the vibrant Minneapolis market.
In less than eight years, Bridgewater Bank has established itself as one of the top 20 largest banks in the Twin Cities. The addition of this new location will provide opportunities to continue the bank’s exceptional trajectory of growth.
“Through the recent market downturn, when most banks were cutting expenses, shrinking their loan portfolios and closing branches, Bridgewater was planning for expansion,” said Jeff Shellberg, Founder and Chief Credit Officer. “Ninety continuous months of profitability has provided Bridgewater Bank the income and momentum needed to secure thisnew site, recruit seasoned bank veterans like Dan Poppe, the bank’s new Chief Lending Officer, and build a location poised to provide an unconventional banking experience.”
“With earnings of $5.3 million as of June 30, 2013, and a history of above average returns, the bank has had no issues funding growth,” said Jerry Baack, Bridgewater Bank’s Lead Founder, President and Chairman of the Board. However, to establish a new branch, regulations typically dictate the input of additional capital. This requirement posed no barrier to the thriving bank. The applicationsapproved by the FDIC and Minnesota Department of Commerce specified a $3 million infusion of capital.”
“An invitation to participate in the secondary offering, sent on June 1st, 2013, to both current shareholders and existing clients, was filled in less than a month,” continued Jerry. “As of July 15th, the corporation has received commitments of over $7 million. Our reliable shareholder base has been integral to Bridgewater Bank’s success to date. Their response to this offering is an overwhelming testimony of their loyal commitment to the banks continued growth.”
Conveniently located on the street level of the Northstar Center, the branch will serve the existing entrepreneurial client base and enhance the brand with a visible presence in the downtown core. The bank anticipates that exposure to the downtown market will provide deposit growth and create diversity within both the bank’s deposit and loan portfolios.
“The Board believes that Bridgewater Bank’s entrepreneurial perspective and commitment to continuously expanding our network will allow us to thrive in this new location,” added Jerry Baack, Bridgewater Bank’s Lead Founder, President and Chairman of the Board.”I look forward to taking on a more active role in the Downtown Minneapolis community. The opportunities to build the bank are incredibly enticing.”
The Board of Directors of Bridgewater Bank anticipates the new downtown Minneapolis branch to open for business September 1, 2013.
About Bridgewater Bank
Bridgewater Bank is a full service bank committed to serving the diverse needs of successful entrepreneurs. With an asset size of over $485 million, Bridgewater ranks among the top 20 largest banks in the Twin Cities. Providing responsive service and simple solutions for real estate investors and small business 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.
Two locations currently serve clients across the Twin Cities Metropolitan area offering a full range of commercial lending products, state-of-the-art cash management options, and commercial and consumer deposit accounts. Bridgewater Bank just completed its 30th consecutive quarter of profitability.
For more information please contact us at 952.893.6868 or via e-mail at bankmail(at)bridgewaterbankmn(dot)com.
Mary Jayne Crocker, Bridgewater Bank, http://www.bridgewaterbankmn.com, 952 893 6868, [email protected]
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