By Jim Hammerand
Just a few months after securing funding to expand, Bloomington-based Bridgewater Bank says it has a deal to acquire First National Bank of the Lakes.
Orono-based First National, which will take the Bridgewater name, has four branches and about $76 million in assets. Bridgewater has the same number of branches and more than $925 million in assets.
The deal is expected to push Bridgewater over the $1 billion asset mark when it closes before the end of June. Terms of the transaction were not disclosed.
Bridgewater CEO and Chairman Jerry Baack said the merger will diversify his bank’s lending and deposit portfolios and expand its geographic reach. He said Friday that he’s talking with a couple of other banks about potential acquisitions, but declined to offer more details.