Bankwell Financial Group, Inc. (NASDAQ: BWFG), the parent company of Bankwell Bank, has announced board approval of a measure that will allow individual shareholder and director, Lawrence B. Seidman, to increase his position in the Company from a maximum of 9.9% to 14.99% of common stock.

Mr. Seidman is the Manager of Seidman and Associates, LLC based in Parsippany, NJ. He has served on Bankwell’s board of directors since 2020.

Christopher R. Gruseke, President and CEO of Bankwell, commented, “Larry has been a steadfast supporter of the Company’s strategic direction and growth initiatives. We look forward to our continued relationship.”

Mr. Seidman added, “My decision to increase my position in Bankwell aligns with my long-term investment strategy to purchase undervalued publicly traded community banks and reflects my strong support for the management team and the Company’s promising outlook.”

About Bankwell Financial Group, Inc.

Bankwell Financial Group, Inc. is the holding company for Bankwell Bank (“Bankwell”), a full-service commercial bank headquartered in New Canaan, CT. Bankwell offers its customers unmatched accessibility, expertise, and responsiveness through a range of commercial financing products including working capital lines of credit, SBA loans, acquisition loans, and commercial mortgages as well as treasury management and deposit services. More about Bankwell can be found at www.mybankwell.com.

Courtney E. Sacchetti (203) 652-0166

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