Joining a trend of businesses that are raising the base pay for staff members, St. Louis Park-based Bridgewater Bank announced it will raise its minimum wage to $20 an hour for all regular, full-time employees beginning in August.
The change will increase the bank’s minimum wage by 11% from its current level. An estimated 14% of full-time employees at the bank will experience wage increases as a result.
Minnesota’s legally mandated minimum wage is currently $10.08 per hour, or $2.83 an hour higher than the federal minimum wage. However, many companies in the Twin Cities metro area have announced that they will move well beyond the state minimum.
Bridgewater Bank President and Chief Executive Officer Jerry Baack said the move will help the bank attract and retain talent.
“Many of our employees enter the bank through entry-level roles, and we want everyone to know they play a vital role in supporting our fast-growing bank,” Baack said in a statement. “Taking this important step is simply the right thing to do.”
Bridgewater Bank’s headquarters moved from Bloomington to a new building at Excelsior Boulevard and Monterey Drive after construction wrapped up last year. The building also includes Hazelwood Food & Drink and Discover Strength.
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