Bloomington, MN–(Bridgewater Bank)–Bridgewater Bancshares Inc, (the “Company”) the holding company for Bridgewater Bank announced today that it has completed a private placement of $27.5 Million for the Company’s common stock. The Company plans to use the capital for strategic growth purposes which may include both organic and acquisition opportunities. Funds managed by EJF Capital LLC, Endeavour Capital Advisors Inc. and GCP Capital Partners participated in the offering.
“Partnering with EJF, Endeavour and GCP gives Bridgewater the leverage to continue funding the board’s strategic growth initiatives.” explained Chairman and Chief Executive Officer, Jerry Baack. “The capital from Castle Creek’s investment in 2015 was integral to securing the Bank’s first acquisition. We don’t anticipate any shift in our momentum. This new influx will allow us to consider emerging opportunities to build the brand and serve the needs of a growing client base.”*
Bridgewater Bancshares has completed several capital raises since inception in 2005. The original capital raise in 2005 funded the bank’s launch with $10 million. Subsequent capital raises, dating back to 2008, have generated a total of $15 million. In 2015, Castle Creek Capital LLC became the bank’s first institutional investor with an investment of $15 million. That influx of capital funded the bank’s first acquisition and provided the leverage for the Bank to surpass $1 billion in assets.
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*The statement quoted above was made by an executive of a Castle Creek portfolio company.
The portfolio company executive has not received compensation for the above statement and this statement is solely his opinion and representative of his experience with Castle Creek. Other portfolio company executives may not necessarily share the same view. An executive in a Castle Creek portfolio company may have an incentive to make a statement that portrays Castle Creek in a positive light as a result of the executive's ongoing relationship with Castle Creek and any influence that Castle Creek may have or had over the governance of the portfolio company and the compensation of its executives. It should not be assumed that Castle Creek's investment in the referenced portfolio company has been or will ultimately be profitable.