Together, We're Better

1. Why are Bridgewater Bank and First Minnetonka City Bank merging, and how will this benefit clients?  

On August 28, 2024, it was announced that Bridgewater Bank and First Minnetonka City Bank signed a definitive agreement to merge. This partnership is an exciting opportunity for First Minnetonka City Bank clients, offering the same responsive service and support you’re accustomed to, now enhanced with broader product offerings and more convenient branch locations across the Twin Cities. With the merger, you’ll benefit from the combined expertise of our talented staff, local leadership, and entrepreneurial spirit. We are committed to delivering simple, straightforward banking solutions that meet your needs while maintaining the local, responsive service you trust. 

Bridgewater Bank has a reputation for getting the job done, and we’re confident that you’ll continue to enjoy our unique, client-focused approach in this new chapter. 

2. Who is Bridgewater Bank?  
 
Bridgewater Bank is a full-service bank committed to serving the diverse needs of successful entrepreneurs and individuals. It has experienced unprecedented growth since inception in 2005, when Jerry Baack, Chief Executive Officer, originated the Bank. It was his mission to create the finest entrepreneurial bank in the Twin Cities. He envisioned a bank that would focus on providing responsive support and simple solutions, while serving the needs of successful real estate and small business entrepreneurs. Almost twenty years later, the Bank has reached an asset size of $4.7 billion, ranking among the largest locally headquartered banks in Minnesota. 

With a client-centric approach, both First Minnetonka City Bank and Bridgewater Bank share similar values. Simply stated, this opportunity to merge allows us the ability to do more for the clients, employees and communities we serve. 

3. When will the merger be finalized? 

We expect the merger to be completed in late 2024. We are committed to a smooth transition and will keep you informed every step of the way. 

4. What will the merged entity be called? 

Following the merger, the combined entity will operate under the Bridgewater Bank name. 

5. Does this merger impact First Minnetonka Investment Center (FMIC) clients?  

We anticipate all current clients of FMIC and LaSalle Street Securities will be unaffected by this merger, and that Bridgewater Bank will maintain the current relationship with LaSalle.  We are committed to ensuring that all clients are properly informed and supported throughout this transition, and we will be coordinating closely with Bridgewater Bank to communicate the necessary details as we approach the merger date. 

6. What will happen to my current accounts? 

Your accounts will continue to operate as usual with no immediate changes. We will notify you well in advance of any updates to your account services or enhancements resulting from the merger. 

7. Will I need to update my account numbers or access methods for online banking? 

Post-merger, we will maintain all existing account numbers and access credentials. Should any updates be necessary in the future, we will provide detailed instructions and support to ensure a seamless transition. 

8. What will happen to the employees of First Minnetonka City Bank? 

First Minnetonka City Bank employees are essential to the ongoing success of the combined bank. It is important to Bridgewater Bank and First Minnetonka to retain employees who you have come to know and depend on to assist you with your financial needs. We believe employees who deliver responsive support and outstanding client service will have an opportunity and role at Bridgewater Bank. 

9. Will all branch locations remain operational? 

Yes, all existing branches of First Minnetonka City Bank will continue to serve you. This merger expands your network of branches, drive-thrus and ATMs that support your banking experience.  

10. How can I stay informed about the progress of the merger? 

We will regularly update you through emails, notices on our website, and direct communications from our branches. Please check our websites frequently and ensure your contact information is up to date in our records. 

11. What changes should I expect in the terms and conditions of my services? 

We are working to ensure that our merger enhances your banking experience without inconvenience. Any necessary changes to terms and conditions will be communicated to you clearly and with ample notice. 

12. How will the community benefit from this merger? 

Serving the community is important to Bridgewater Bank and First Minnetonka City Bank. Our combined resources will allow us to broaden our impact on the communities we serve, both near our local branches and across the Twin Cities. We’re excited to make a difference in impactful ways together.