Bankwell in Connecticut Raises $6.2 Million in Private Offering

Bankwell Financial Group (BWFG) in New Canaan, Conn., has raised about $6.2 million in a private offering.

The $483 million-asset company issued 370,000 shares of common stock to a prominent financial institution investor, according to a press release Monday. The investor was not named in the release.

The offering is part of a broader plan to raise up to $50 million this year. Bankwell brought in $7.4 million in a private placement in January.

Bankwell also said that the previously announced merger between its bank and Wilton Bank (WIBW) in Wilton, Conn., has been approved by Wilton's shareholders. Bankwell agreed to pay about $5 million in cash for the $75 million-asset Wilton in June. The deal is expected to close in the fourth quarter, pending regulatory approval.

"We are excited to have passed this milestone and look forward to completing the merger," Bankwell President and Chief Executive Peyton Patterson said in the release. "Together, we will continue to be the hometown bank serving the local community, but with a far greater array of services to offer individuals and businesses in the Wilton market. The additional capital we raised today will continue to support Bankwell's anticipated growth from a strong capital position."