Bridgewater in Minn. to Buy First National Bank of the Lakes

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Bridgewater Bank in Bloomington, Minn., has agreed to buy First National Bank of the Lakes in Orono, Minn.

The $925 million-asset Bridgewater did not say what it agreed to pay for the $76 million-asset First National. The transaction is expected to close by June 30.

The deal makes good on Bridgewater's recent capital raise. In September, Bridgewater obtained $15 million from the private-equity firm Castle Creek Capital in Rancho Santa Fe, Calif., and it said at the time that the capital could be used for acquisitions.

Bridgewater, founded in 2005, said First National will help it expand in the western suburbs of Minneapolis. First National, founded in 1964, has four branches in Orono, Minneapolis and Richfield, Minn.

Bridgewater has four branches: in Bloomington, Minneapolis, Greenwood and St. Louis Park, Minn.

Jerry Baack, Bridgewater's chairman and chief executive, would retain those titles. Baack was Bridgewater's principal founder.

Andy Peters

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