First Minnetonka City Bank and Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“Bridgewater”), the parent company of Bridgewater Bank, announced today the signing of a definitive merger agreement under which Bridgewater would acquire First Minnetonka City Bank in an all-cash transaction.
Olsen Palmer LLC served as financial advisor to First Minnetonka Bancorporation, Inc.
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, Inc. The transaction is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.
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, $4.0 billion in deposits, $3.9 billion in loans and leases.
Transaction Announcement (PDF)