CRE Midwest

Bridgewater Bank Announces Arrival in St. Louis Park

Bridgewater Bank, Bloomington, MN is pleased to announce their fourth branch, currently under construction, is slated to open in St. Louis Park on January 5th, 2015. Located at 4400 Excelsior Boulevard, the new location will serve this in-demand first ring suburb. Bridgewater Bank’s original strategic plan, written when the bank was founded in 2005, called for a future branch site in St. Louis Park. After considering several sites the location on Excelsior Boulevard was chosen for its proximity to the newly refurbished core, an ease of access for local residents and the opportunity to continue contributing to the revitalization. “This thriving community is energized with an entrepreneurial spirit, yet there are virtually no entrepreneurial focused banks serving the population.” said Jerry Baack, Chief Executive Officer, President and Chairman of the Board. “More specifically, Bridgewater Bank will be the only local bank to have a physical presence in the Excelsior and Grand corridor.” Conveniently located near the corner of Excelsior Boulevard and Monterey Avenue, the branch will provide a new banking option for the prosperous residents of this area who appreciate an unconventional banking experience. In nine years, Bridgewater Bank has established itself as one of the top 20 largest banks in the Twin Cities. The Bank has seen remarkable growth. As of September 30th, the bank reported assets of $662 million representing a year over year growth rate of over 22%. The bank’s committed focus to real estate is one of the drivers of this rapid growth. The bank has built a solid reputation as a bank that understands the market and can finance several unique sectors of the real estate industry, including but not limited to; multi-family housing; commercial real estate; construction and land development; student housing; senior housing; and residential rehabs. “As a full service bank with an unparalleled understanding of the local real estate market we wanted to be closer to many of the real estate projects we finance. The bank has been involved in financing several local projects partnering with developers, real estate investors, builders and individual home owners.” commented Jeff Shellberg. Executive Vice President, Chief Credit Officer.” The bank plans to continue serving this entrepreneurial market and is eager to have a physical presence in this neighborhood.” As of September 30, 2014, the bank posted pre-tax earnings of $13.4 million, representing a pre-tax ROA of 2.71%. “We have a history of producing above average returns which in turn provides the flexibility to fund record growth,” said Jerry Baack, “ In August, 2013 Bridgewater opened a very productive office in Downtown Minneapolis. I anticipate that The St. Louis Park branch will be another key contributor to driving deposits, building brand awareness and ultimately enhancing the franchise value.”