Bridgewater Bancshares, the parent company of Bridgewater Bank, and First Minnetonka City Bank signed a definitive merger agreement under which Bridgewater Bank will acquire First Minnetonka City Bank in an all-cash transaction. At the closing of the transaction, First Minnetonka City Bank will merge with and into Bridgewater Bank.
The combined organization is expected to have approximately $4.9 billion in total assets, $4 billion in deposits, $3.9 billion in loan and leases and nine full-service branches across the Twin Cities.
“We are very pleased to add a high quality and complementary Twin Cities community bank through a transaction that aligns with and accelerates our strategic priorities,” Jerry Baack, chariman and CEO of Bridgewater, said. “First Minnetonka City Bank brings a granular core deposit base that creates balance sheet optionality and a loan mix that increases the diversification of our loan portfolio. In addition, the bank’s investment advisory platform will allow us to offer a more complete product set to our client base. “We also look forward to welcoming the First Minnetonka City Bank team members. Together we can expand our focus on providing responsive support and simple solutions to clients across the Twin Cities.”
“Bridgewater’s exceptional corporate culture and focus on client service make it an ideal partner for our bank, employees and clients,” Tom Rogers, chairman of First Minnetonka City Bank, said. “We believe Bridgewater can leverage the strengths of First Minnetonka City Bank to support the continued growth of the combined organization in the Twin Cities.”
The transaction has been unanimously approved by each company’s board of directors and by the shareholders of First Minnetonka City Bank’s parent company, First Minnetonka Bancorporation. The transaction is expected to close during Q4/24, subject to regulatory approvals and other customary closing conditions.
D.A. Davidson served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg served as legal counsel to Bridgewater. Olsen Palmer served as financial advisor and Winthrop & Weinstine served as legal counsel to First Minnetonka City Bank.
