BLOOMINGTON, Minn.--(BUSINESS WIRE)--
Bridgewater Bancshares, Inc. (“Bridgewater”) (NASDAQ: BWB), the holding
company for Bridgewater Bank, today announced that its Board of
Directors has adopted a stock repurchase program. Under the repurchase
program, Bridgewater may repurchase up to $15 million of its common
stock during the 24-month period beginning on January 22, 2019.
“While we will continue to use capital to support Bridgewater’s organic
growth and opportunistic acquisition opportunities, if at times we
perceive the market price of Bridgewater’s common stock does not
accurately reflect Bridgewater’s value, this program provides
Bridgewater the ability to repurchase its stock,” said Chairman,
President and CEO Jerry Baack. “We believe the repurchase program
demonstrates our commitment to enhancing shareholder value.”
The stock repurchase program permits Bridgewater’s management to acquire
shares of Bridgewater’s common stock from time to time in the open
market in accordance with Rule 10b-18 of the Securities Exchange Act or
in privately negotiated transactions at prices management considers to
be attractive and in the best interests of Bridgewater and its
shareholders. The stock repurchase program does not obligate Bridgewater
to repurchase shares of its common stock, and there is no assurance that
Bridgewater will do so.
Any repurchases are subject to compliance with applicable laws and
regulations. Repurchases will be conducted in consideration of general
market and economic conditions, regulatory requirements, availability of
funds, and other relevant considerations, as determined by the Company.
The stock repurchase program may be modified, suspended or discontinued
at any time at the discretion of Bridgewater’s Board of Directors.
About Bridgewater Bancshares, Inc.
Bridgewater Bancshares, Inc. is the holding company for Bridgewater
Bank, a full-service commercial bank formed in 2005 to serve the diverse
needs of commercial real estate investors, small business entrepreneurs
and high-net-worth individuals. Bridgewater Bank has seven locations
serving clients across the Minneapolis-St. Paul-Bloomington metropolitan
statistical area in Minnesota and offers a full array of simple, quality
loan and deposit products, primarily for commercial clients. As of
December 31, 2018, Bridgewater had total assets of approximately $1.97
billion, total loans of approximately $1.64 billion, total deposits of
approximately $1.56 billion and total shareholders’ equity of
approximately $221.0 million.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, statements concerning plans, estimates,
calculations, forecasts and projections with respect to the anticipated
future performance of Bridgewater. Forward-looking statements are
neither historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and assumptions
regarding our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results and
financial condition to differ materially from those indicated in the
forward-looking statements include, among others, the risks described in
the “Risk Factors” sections of reports filed by Bridgewater with the
Securities and Exchange Commission. Any forward-looking statement made
by us in this press release is based only on information currently
available to us and speaks only as of the date on which it is made. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190124005186/en/
Jerry Baack
Chief Executive Officer
Bridgewater Bank
(952)
893-6866
Source: Bridgewater Bancshares, Inc.