Bankwell Financial names new Chief Technology Officer

NEW CANAAN, Conn. - Bankwell Financial Group, Inc. (NASDAQ: BWFG), a $225.74 million market cap regional bank with a track record of consistent dividend payments for 11 consecutive years, has announced the appointment of Brian Merritt as the new Chief Technology Officer (CTO) for the company. Merritt joins the Bankwell team with a wealth of experience in the banking and financial technology sectors. According to InvestingPro analysis, the company is currently showing strong financial health indicators, with additional insights available to subscribers.

Before his new role at Bankwell, Merritt held several significant positions in the industry. He served as Senior Vice President and Head of Product at Cross River, and prior to that, he was the CEO of Seed, an online business bank. His background also includes a tenure as Vice President of Engineering at Simple, where he played a pivotal role in growing the company’s customer base significantly. This appointment comes as Bankwell maintains a solid market position with a P/E ratio of 24.21 and an attractive dividend yield of 2.66%.

Christopher R. Gruseke, President and CEO of Bankwell, expressed confidence in Merritt’s ability to contribute to the company’s growth, citing his extensive expertise in banking technology, product development, and system architecture. Gruseke emphasized that Merritt’s leadership is expected to enhance Bankwell’s digital capabilities and provide innovative solutions to its customers.

Merritt shared his enthusiasm about his new position, emphasizing his commitment to leveraging technology to support Bankwell’s growth and improve the banking experience for its customers.

Bankwell Financial Group operates as a full-service commercial bank, offering a variety of financing products and services, including commercial mortgages, working capital lines of credit, SBA loans, business acquisition loans, as well as treasury management and deposit services. The company, which generated revenue of $64.38 million in the last twelve months, is headquartered in New Canaan, Connecticut, and prides itself on providing accessibility, expertise, and responsiveness to its customers. InvestingPro data reveals several additional positive indicators about the company’s financial health and growth prospects, available exclusively to subscribers.

This announcement is based on a press release statement from Bankwell Financial Group, Inc.

In other recent news, Bankwell Financial Group reported an increase in its fourth-quarter earnings, with a GAAP net income of $2.5 million, or $0.32 per share, compared to $1.9 million, or $0.24 per share, in the previous quarter. The company also declared a $0.20 per share cash dividend, payable on February 21, 2025. Despite the earnings rise, the pre-tax, pre-provision net revenue declined by 12% to $7.9 million. Bankwell’s net interest margin decreased to 2.60%, but the company expects an annualized net interest income increase of approximately $4.4 million due to the repricing of $1.3 billion in time deposits. Additionally, Bankwell has launched a new SBA lending division, aiming for growth in noninterest income through future gains on SBA loans.

In another development, Bankwell Financial amended its agreement with investor Lawrence B. Seidman, allowing him and his affiliates to acquire up to 14.99% of the company’s fully diluted outstanding common stock. This amendment removes previous conditions tied to the tangible book value per share and stock price. The adjustment reflects a change in Bankwell’s approach to shareholder ownership limits and may lead to increased investment by Seidman, indicating confidence in the bank’s performance. These updates are based on recent press releases and SEC filings from the company.

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