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Bridgewater board approves proposal to cancel nonvoting common shares

Bridgewater Bancshares Inc.'s board approved and adopted the proposal to cancel the Bloomington, Minn.-based company's entire series of nonvoting common stock.

Bridgewater's articles of incorporation currently authorize the company to issue up to 10 million nonvoting common shares.

The board recommended that shareholders approve the proposal at the annual shareholders meeting April 23.