ST. LOUIS PARK, Minn. - Bridgewater Bancshares, Inc. (NASDAQ:BWB), the holding company for Bridgewater Bank, announced today the appointment of Joe Chybowski as President, effective immediately. Chybowski, who will retain his current role as Chief Financial Officer, succeeds Jerry Baack, who remains Chairman and CEO.
Chybowski's promotion comes after a tenure that saw the bank grow from $460 million in assets to $4.7 billion. His leadership has been marked by strategic initiatives and guiding the bank through its 2018 IPO and recent economic challenges in the banking sector.
Alongside Chybowski's new role, the company revealed additional leadership changes. Mary Jayne Crocker has been named Executive Vice President and Chief Strategy Officer, transitioning from her prior role as Chief Operating Officer. Laura Espeseth has been promoted to Chief Accounting Officer from Senior Vice President Controller.
These appointments reflect Bridgewater's strategic emphasis on internal talent development and innovation. The leadership team's restructuring aims to maintain the bank's competitive edge and support its growth objectives.
Bridgewater Bancshares, a financial institution with assets totaling $4.7 billion as of March 31, 2024, operates seven branches and is one of Minnesota's largest locally led banks. The company prides itself on its service to commercial real estate investors, entrepreneurs, and successful individuals.
This news is based on a press release statement from Bridgewater Bancshares, Inc.
InvestingPro Insights
As Bridgewater Bancshares, Inc. (NASDAQ:BWB) welcomes Joe Chybowski as its new President, the company's financial health remains a focal point for investors. With a market capitalization of $324.18 million, Bridgewater's valuation reflects a P/E ratio of 10.39, which adjusts slightly to a more favorable 10.07 when considering the last twelve months as of Q1 2024.
Despite the company's recent leadership changes aimed at bolstering growth, revenue has experienced a downturn, with a -15.7% change over the last twelve months as of Q1 2024.
InvestingPro Tips suggest a mixed financial outlook for Bridgewater. Analysts have noted weak gross profit margins and anticipate a dip in net income for the year. However, they also predict the company will remain profitable this year, a continuation of its performance over the last twelve months. Notably, Bridgewater Bancshares does not distribute dividends, focusing instead on reinvestment and operational growth.
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