Bloomington, MN–(Bridgewater Bank)–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.”