Bridgewater Bank Announces Strong Volumes of Paycheck Protection Program (PPP) Applications

BLOOMINGTON, Minn.--(BUSINESS WIRE)--Bridgewater Bancshares, Inc., (the “Company”)(Nasdaq: BWB) today provided an update on the initial interest it has received in the SBA 7(a) Paycheck Protection Program, as the Company is dedicated to assisting Twin Cities businesses affected by the disruption of COVID-19.

“Our mission as a company is to be the Finest Entrepreneurial Bank in the Twin Cities. Supporting local businesses and entrepreneurs has always been at our core, and now more than ever, we are dedicated to working together to deliver on this promise,” said Nick Place, Chief Lending Officer. “It’s been an incredible display of teamwork. Nearly a quarter of the Bank contributed 24/7 efforts over the last week to process hundreds of loans. Our efforts are paying off; the encouraging feedback we’ve received from both current and new clients is a testament to our responsive service model.”

Bridgewater Bank began accepting applications on April 3rd. As of Monday morning, on April 13th, the Bank has received more than 975 loan inquiries, of which the SBA approved more than 400, and when closed, would total over $115 million of loan proceeds. Small business owners can start the loan inquiry process on Bridgewater Bank’s website, bwbmn.com/ppp.

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^st, 2019, the Company had total assets of approximately $2.3 billion, total gross loans of approximately $1.9 billion, total deposits of approximately $1.8 billion and total shareholders’ equity of approximately $245 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.