Bridgewater Bank Receives Esteemed ‘Outstanding’ FDIC Rating for Community Reinvestment Act Performance
03 Abril 2023 - 3:15PM
Business Wire
Bridgewater Bank, a subsidiary of Bridgewater Bancshares, Inc.
(Nasdaq: BWB), today announced that it has once again received the
highest possible rating, ‘Outstanding,’ from the Federal Deposit
Insurance Corporation (FDIC) for its work in meeting the credit
needs of Twin Cities’ communities, including low and
moderate-income neighborhoods, through its continued emphasis on
affordable housing initiatives.
The Community Reinvestment Act (CRA) assesses a financial
institution’s record of helping to meet the credit needs of the
local communities where the bank operates. Less than 10% of FDIC
examined banks receive a CRA rating of “Outstanding”. Since 2020,
Bridgewater is the only bank in Minnesota and one of 48 banks
nationwide examined by the FDIC to receive the ‘Outstanding’ rating
in the large bank category.
The FDIC’s Performance Evaluation dated January 31, 2023, cites
Bridgewater Bank as “a leader in making community development
loans” designed to help low and moderate-income areas and
individuals. From the February 2020 to January 2023 period
evaluated, highlights included:
- 87 community development loans totaling $486.0 million
impacting affordable housing, economic development and
revitalization or stabilization of low and moderate-income areas
and individuals
- Nearly 90% of these dollars ($434.7 million) were in loans to
support the development of the Twin Cities’ affordable housing
market
“Bridgewater has long been committed to affordable housing in
our communities and we are proud to see that our efforts continue
to make a meaningful impact,” said Jerry Baack, President and CEO.
“By working closely with local developers and investors, we hope to
continue this important work of promoting economic growth and
housing stability in the Twin Cities.”
About Bridgewater
Bridgewater Bancshares, Inc. is a St. Louis Park,
Minnesota-based financial holding company. Bridgewater’s primary
banking subsidiary, Bridgewater Bank, is a premier, full-service
Twin Cities bank dedicated to serving the diverse needs of
commercial real estate investors, entrepreneurs, business clients
and successful individuals. By pairing a range of deposit, lending
and business services solutions with a responsive service model,
Bridgewater has seen continuous growth and profitability. With
total assets of $4.3 billion and seven branches as of December 31,
2022, Bridgewater is considered one of the largest locally led
banks in the State of Minnesota, and has received numerous awards
for its growth, banking services and esteemed corporate
culture.
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Investor Contact: Justin Horstman | Director of Investor
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