Bridgewater Bancshares in Bloomington, Minn., has raised $15 million from the private-equity firm Castle Creek Capital.
The $785 million-asset Bridgewater plans to use the proceeds for strategic growth purposes, including possible acquisitions and organic growth, the company said Tuesday in a news release. Bridgewater announced the capital raise on Sept. 3.
“This significant influx of capital provides us with new opportunities to escalate this strategy and continue expanding our footprint in the Twin Cities,” Jerry Baack, Bridgewater's chairman and chief executive, said in the release.
Castle Creek, in Rancho Santa Fe, Calif., is an active investor in community banks. Its other investments include Northwest Bancorp. in Spokane, Wash.; Blue Valley Ban Corp. in Overland Park., Kan.; and MBT Financial in Monroe, Mich.
Bridgewater, which was founded in 2005, operates four branches in the Minneapolis-St. Paul, Minn., area.
D.A. Davidson was financial adviser to Bridgewater on the investment.