Bridgewater Bancshares, Inc.Announces Price of $ 60.0 Million Custodian Share Offer


ST. LOUIS PARK, Minn .– (COMMERCIAL THREAD) – Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced the price of its subscribed public offering of 2,400,000 custodian shares, each representing a 1 / 100th stake in one share of 5.875% Non-Cumulative Perpetual Preferred Shares, Series A, par value of $ 0.01 per share (the “Series A Preferred Shares”), with a liquidation preference of $ 2,500 per share (equivalent to 25 .00 per custodian share) for gross proceeds of $ 60.0 million. Bridgewater has also granted the underwriters a 30 day option to purchase up to 360,000 additional custodian shares. Bridgewater intends to use the net proceeds of the offering for general corporate purposes, including supporting organic growth plans, supporting bank-level capital ratios and possible redemption or buyback. of the debt currently outstanding. Bridgewater has applied to list the Custodian’s shares on the Nasdaq Capital Market under the symbol “BWBP”. The offer is subject to customary closing conditions and is expected to close on or around August 17, 2021.

Dividends will be payable on the Series A Preferred Shares if, as declared by the Board of Directors of Bridgewater on a non-cumulative basis on March 1st, June 1st, September 1stst and December 1st of each year, from December 1, 2021 at the annual rate of 5.875%.

DA Davidson & Co. is acting as lead bookkeeping manager and Performance Trust Capital Partners, LLC is acting as joint lead bookkeeping manager for the offering.

The offering is being made in accordance with a prospectus supplement and accompanying prospectus filed as part of a valid pre-registration statement filed with the Securities and Exchange Commission on Form S-3 (File No. 333 -230533). Prospective investors should read the Prospectus Supplement and the accompanying prospectus in the registration statement and other documents that Bridgewater has filed or will file with the SEC for more complete information about Bridgewater and the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or any offer or sale of such securities, in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration. or qualification under the securities laws of that jurisdiction. The Custodian’s shares are being offered only by way of a prospectus supplement and accompanying prospectus, copies of which, where available, may be obtained free of charge by visiting EDGAR on the SEC website. at or by contacting DA Davidson. & Co. at 8 Third Street North, Great Falls, MT 59401, or by emailing, or by calling 1-800-322-5915; or by contacting Performance Trust Capital Partners, LLC at 500 W. Madison Ave, Suite 450, Chicago IL 60661, or by e-mailing, or by calling (321) 521-1638.

About Bridgewater

Bridgewater Bancshares, Inc. (Nasdaq: BWB) is a financial holding company based in St. Louis Park, Minnesota. Bridgewater’s primary banking subsidiary, Bridgewater Bank, is a full-service Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, entrepreneurs, business clients and high net worth individuals. By combining a range of deposit, loan and business services solutions with a responsive service model, Bridgewater has experienced continued growth and profitability. With total assets of $ 3.2 billion and seven branches as of June 30, 2021, Bridgewater is considered one of the largest locally run banks in the state of Minnesota and has received numerous awards for its growth, service banking and its renowned corporate culture.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act, including, but not limited to, statements regarding the intended use of the net proceeds of the offering and other matters.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the control of the Company. The Company cautions you that the forward-looking statements presented in this press release do not constitute a guarantee of future events, and that actual events may differ materially from those made or suggested by the forward-looking information contained in this press release. Forward-looking statements can generally be identified by the use of forward-looking terms such as “may”, “plan”, “seek”, “will”, “expect”, “intend”, “estimate”, “Anticipate”, “believe” or “continue” or the negative of it or variations of it or similar terminology. Factors that could cause actual results to differ materially from those made or suggested by the forward-looking statements contained in this press release include those identified in the Company’s most recent annual report on Form 10-K and subsequent filings with of the SEC. All forward-looking statements presented here are made only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unforeseen events or otherwise.

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