Bankwell Financial Group, Inc. Surveillance Report
Company Profile
Bankwell Financial Group, Inc. (NASDAQ: BWFG; “Bankwell” or “the company”) is a $3.5 billion asset bank holding company operating primarily in Fairfield and New Haven Counties through its subsidiary, Bankwell Bank (“the bank”). The bank maintains a branch-lite footprint, with 10 branches across Connecticut and select New York markets, including a recently opened branch in Brooklyn, as well as a domestic representative office in Garden City, NY.
Since its founding in 2002, the company has grown primarily through organic means, completing just two small-scale acquisitions. Following the pandemic, loan growth accelerated as Bankwell capitalized on heightened CRE demand, outpacing organic deposit growth and resulting in increased reliance on time and brokered deposits. In response, management reorganized the business around a private client group model, aligning existing personnel and selectively recruiting experienced banking teams to deepen relationships…
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