Bankwell Monetary Team, Inc. Announces Resumption of Share Repurchase Application and 1-Time Fees Associated with Expenditure Reduction Initiatives

Bankwell Financial Group, Inc. (NASDAQ: BWFG) (the “Company”) introduced today that it will resume its formerly authorized share repurchase application. Under the present software, the Firm may perhaps repurchase an further 307,333 shares, or around 4%
of the Company’s excellent shares.

The Organization also announced that it will include things like a person-time pre-tax expenses of close to $3.9 million in its Q4 2020 benefits. Somewhere around $2.3 million of these costs are believed to consequence in upcoming dollars expenses. The charges are related to the Company’s beforehand introduced expenditure reduction initiative and have been approved by the Company’s Board of Administrators on December 24, 2020.

The $3.9 million pre-tax demand is composed of three major parts: place of work and branch consolidation expenses, personnel severance costs, and a price similar to the early termination of a legacy technology deal.

Approximately $2. million of the pre-tax demand signify expenses related to business office and branch consolidation. The Firm beforehand announced a shift to a consolidated headquarters in New Canaan, CT. As a result of this consolidation, quite a few office destinations will be eradicated and the Company expects to incur sure rates similar to people web pages. The Business also designs to close its Elm Street branch in New Canaan, CT in mid-2021.

Somewhere around $.8 million of the pre-tax cost stand for severance expenses linked to a reduction in the Company’s workforce, together with the Voluntary Early Retirement Incentive Approach provided to eligible staff throughout Q4 2020.


The Business expects yearly charge personal savings of roughly $2.3 million from the aforementioned business and department consolidations and the reduction in workforce initiative.

The final ingredient of the pre-tax cost is a $1.1 million demand related to early termination costs payable to a legacy engineering vendor. In order to assist greater commercial deposit advancement and offer you Bankwell Bank’s consumers improved Treasury Administration solutions, the Organization has committed to a new technologies vendor, a leading service provider of digital banking solutions. The Enterprise thinks a additional sturdy electronic banking system will grow its deposit acquisition prospects with new and present professional relationships and warrants the onetime expense.

The Company’s President and Chief Government Officer, Chris Gruseke, pointed out, “The steps we have declared right now will consequence in both fast and for a longer period expression advancements to our working results. As we leave the hard functioning setting of 2020 driving, we look ahead to significant progress in 2021.”

About Bankwell Money Group

Bankwell is a commercial lender that serves the banking requirements of inhabitants and organizations through Fairfield and New Haven Counties, Connecticut. For much more info about this press release, intrigued functions may speak to Christopher R. Gruseke, President and Main Executive Officer or Penko Ivanov, Govt Vice President and Main Economic Officer of Bankwell Economical Team at (203) 652-0166.


For a lot more information and facts, stop by www.mybankwell.com.

This press launch may perhaps incorporate certain ahead-on the lookout statements about the Corporation. Ahead-hunting statements consist of statements with regards to anticipated upcoming events and can be determined by the actuality that they do not relate strictly to historical or present specifics. They frequently incorporate text these kinds of as “think,” “expect,” “foresee,” “estimate,” and “intend” or foreseeable future or conditional verbs these kinds of as “will,” “would,” “should really,” “could,” or “may possibly.” Forward-hunting statements, by their mother nature, are topic to dangers and uncertainties. Sure elements that could bring about genuine results to differ materially from anticipated results include, but are not confined to, elevated aggressive pressures, adjustments in the curiosity charge ecosystem, standard financial problems or ailments inside the securities markets, uncertain impacts of, or more modifications in, financial, fiscal or tax coverage to handle the affect of COVID-19, prolonged measures to incorporate the unfold of COVID-19 or untimely easing of these kinds of containment actions, either of which could further exacerbate the effects on the Company’s organization and results of functions, and legislative and regulatory improvements that could adversely influence the company in which the Organization and its subsidiaries are engaged.
Check out supply variation on businesswire.com: https://www.businesswire.com/news/dwelling/20201230005357/en/
