ST. LOUIS PARK, Minnesota–(BUSINESS WIRE)–Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced that its Board of Directors has approved a new share buyback program allowing the repurchase of up to $25 million of its common stock (“2022 Stock Buyback Program”).
The 2022 share repurchase program supersedes and supersedes the existing $40 million share repurchase program originally announced in January 2019, under which approximately $1.6 million of Bridgewater common stock remained authorized for sale. repurchased on August 17, 2022 (“2019 share buyback program”). Bridgewater repurchased approximately $1.6 million of common stock from the 2019 stock buyback program during the third quarter of 2022. The 2019 stock buyback program was originally scheduled to expire in October 2022.
The 2022 share repurchase program became effective on August 17, 2022 and will expire on August 16, 2024. Bridgewater may repurchase shares from time to time in open market or privately negotiated transactions. Any open market redemptions will be made in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and other applicable legal requirements. Redemptions may also be made pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which would allow shares to be redeemed when the company might otherwise be prevented from doing so due to blackout periods. self-imposed trading or other regulatory restrictions.
The 2022 share repurchase program does not require Bridgewater to repurchase common stock and there can be no assurance that it will. The amount and timing of the share repurchase will be evaluated and determined by Bridgewater’s management based on current market conditions and other factors. The 2022 Share Buyback Program may be modified, suspended or terminated at any time at the discretion of Bridgewater’s Board of Directors.
Bridgewater Bancshares, Inc. is a financial holding company based in St. Louis Park, Minnesota. Bridgewater’s principal banking subsidiary, Bridgewater Bank, is a leading full-service bank for the Twin Cities, dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, corporate clients and successful individuals. By combining a range of deposit, lending and business services solutions with a responsive service model, Bridgewater has achieved continued growth and profitability. With total assets of $3.9 billion and seven branches as of June 30, 2022, Bridgewater is considered one of the largest locally-run banks in the state of Minnesota and has received numerous awards for its growth, services banks and its renowned corporate culture.