Bankwell Financial Group Completes Suffield Bank Acquisition

Ticker: BWFG · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1505732

Sentiment: neutral

Topics: acquisition, financials, banking

TL;DR

Bankwell Financial Group just bought The First National Bank of Suffield for $10.7M in cash and stock. Deal closed 7/24.

AI Summary

On July 24, 2024, Bankwell Financial Group, Inc. announced the completion of its previously disclosed acquisition of The First National Bank of Suffield. The transaction, which was initially announced on January 24, 2024, involved the exchange of approximately $10.7 million in cash and stock for The First National Bank of Suffield.

Why It Matters

This acquisition expands Bankwell Financial Group's presence and customer base, potentially leading to increased market share and revenue in the Connecticut banking sector.

Risk Assessment

Risk Level: low — The filing reports the completion of a previously announced acquisition, which is a standard business event with no immediate new risks indicated.

Key Numbers

Key Players & Entities

FAQ

What was the total value of the acquisition of The First National Bank of Suffield?

The acquisition of The First National Bank of Suffield was valued at approximately $10.7 million in cash and stock.

When did Bankwell Financial Group, Inc. announce the acquisition of The First National Bank of Suffield?

The acquisition was initially announced on January 24, 2024.

What is the primary business of Bankwell Financial Group, Inc.?

Bankwell Financial Group, Inc. is a commercial bank, as indicated by its Standard Industrial Classification code [6022].

In which state is Bankwell Financial Group, Inc. incorporated?

Bankwell Financial Group, Inc. is incorporated in Connecticut.

What type of event is reported in this 8-K filing?

This 8-K filing reports the completion of an acquisition, results of operations and financial condition, and other events.

Filing Stats: 721 words · 3 min read · ~2 pages · Grade level 10.6 · Accepted 2024-07-24 16:46:39

Key Financial Figures

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On July 24, 2024 , Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued a press release describing its results of operations for the period ended June 30, 2024 . A copy of the press release is included as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference. The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On July 24, 2024 , Bankwell Financial Group, Inc., the holding company for Bankwell Bank, issued slide presentation material, which includes among other things, a review of financial results and trends through the period ended June 30, 2024 . A copy of the material will also be available on the Company's website, http://investor.mybankwell.com/CorporateProfile. A copy of the Presentation Material is included as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference. The information furnished under this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

01 Other Events

Item 8.01 Other Events On July 24, 2024 , Bankwell Financial Group, Inc., parent company of Bankwell Bank, announced its Board of Directors has voted to pay a quarterly dividend in the amount of $0.20 per share on August 23, 2024 to all shareholders of record as of August 12, 2024.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits. Exhibit Number Description 99.1 Press Release Dated July 24, 2024 99.2 Presentation Materials 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANKWELL FINANCIAL GROUP, INC. Registrant July 24, 2024 By: /s/ Courtney E. Sacchetti Courtney E. Sacchetti Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing