First Minnetonka City Bank has been serving the Minnetonka, Minnesota area with two full-service branches. Credit: JHVEPhoto/ Shutterstock.

Bridgewater Bancshares, the parent company of Bridgewater Bank, has concluded the acquisition of First Minnetonka City Bank. 

The deal was announced in August this year.  

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D.A. Davidson & Co. provided financial advice to Bridgewater during the acquisition process while Barack Ferrazzano Kirschbaum & Nagelberg offered legal advice.  

Olsen Palmer and Winthrop & Weinstine offered financial and legal guidance, respectively, to First Minnetonka City Bank. 

First Minnetonka City Bank has now merged into Bridgewater Bank.  

The merged entity holds nearly $5bn in total assets, $4bn in deposits, and $3.9bn in loans and leases, with nine full-service branches across the Twin Cities. 

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Established in 1964, First Minnetonka City Bank has been serving the Minnetonka, Minnesota area with two full-service branches.  

As of 30 June 2024, the bank reported $242m in total assets, $212m in deposits, and $128m in loans and leases. 

Bridgewater chairman and CEO Jerry Baack said: “We are excited to welcome First Minnetonka City Bank’s team members and clients to Bridgewater as we demonstrate our unique culture, provide responsive service and simple solutions, and offer an enhanced suite of products and services. 

“This complementary acquisition aligns with and accelerates Bridgewater’s strategic priorities, including our focus on continued growth within the Twin Cities community. We believe the momentum created through the acquisition, along with ongoing market disruption in the Twin Cities, provides a catalyst for future success as we head into 2025.”