Bridgewater adds more expansion capital

Bridgewater Bancshares which raised $15 million in private equity last fall, has raised an additional $27.5 million through a private sale of company stock that it plans to use for organic growth and acquisitions.
TThe money was raised from funds managed by EJF Capital , Endeavour Capital Advisors and GCP Capital Partners.
This new influx will allow us to consider emerging opportunities to build the brand and serve the needs of a growing client base," said President and CEO Jerry Baack. "The capital from Castle Creek's investment in 2015 was integral to securing Bridgewater Bank's first acquisition. We don't anticipate any shift in our momentum."
TThe bank, which launched with initial-investor capital of $10 million in 2005, raised an additional $30 million through last year, including $15 million from Castle Creek Capital of California, its first institutional investor, and which invests in financial institutions.
The Bloomington-based bank recently acquired Orono-based First National Bank of the Lakes . The deal for four-office, $76 million-asset First National Bank of the Lakes provides business-lender Bridgewater a bigger footprint in Minneapolis and the western suburbs.
Bridgewater, with more than $1 billion in assets is one of the states' 10 largest community bankers. The company earned $11.2 million last year, according to a filing with the Federal Reserve.
Baack was a federal bank examiner and lender at other banks before starting Bridgewater.