Bridgewater Bancshares in St. Louis Park, Minn., could sell up to $50 million in common stock over time.
The company disclosed in a regulatory filing that it hired Piper Sandler to oversee an at-the-market offering program. Under the program, Bridgewater could sell shares from time to time at prevailing market prices.
Piper Sandler will receive a commission of 2.5% of the gross sales price of any shares sold under the program.
Net proceeds could be used for a variety of purposes.