05:58 PM EDT, 08/28/2024 (MT Newswires) -- Bridgewater Bancshares ( BWB ) and First Minnetonka City Bank said late Wednesday they signed a definitive merger agreement.

Under the terms of the all-cash deal, First Minnetonka City Bank will merge with and into Bridgewater Bank.

The merged entity is expected to have about $4.9 billion in assets, $4 billion in deposits, and $3.9 billion in loan and leases, the companies said.

The companies expect the deal to close in Q4.