First Western Financial, Inc. (NASDAQ: MYFW), an economic solutions holding business headquartered in Denver, Colorado (“First Western”), announced today that its wholly owned subsidiary, First Western Trust Bank (the “Bank”), has successfully closed a branch purchase and presumption deal with Simmons Bank (“Simmons”). The Bank acquired three branches and one loan production office located in the Denver metro area, purchased loans of approximately $119.8 million and assumed deposits of approximately $67.4 million under the terms of the transaction’s definitive agreement.
The 3 branch areas come in Englewood, Highlands Ranch, and Lone Tree, even though the 4th location is a loan production workplace positioned in Denver
First Western will transform all three branch places to First Western workplaces, and it has closed the mortgage manufacturing workplace. The lender further intends to retain the Loan Tree location while consolidating the Englewood and Highlands Ranch areas into First Western’s existing boutique banking that is private areas when you look at the coming months.
Simmons Bank clients related to these places are now actually part of First Western, a 16-year-old colorado business that is pleased with its history within Colorado plus the Denver community. First Western’s holistic method of assisting consumers making use of their individual banking, commercial banking, wide range administration, and investment administration requires is truly unique.
First Western additionally announced that Matt Cassell, whom previously led Simmons Bank’s Colorado banking existence, therefore the people in Simmons’ current banking that is colorado-based have actually decided to join First Western to simply help make sure a smooth change when it comes to Bank’s new business. Mr. Cassell joins First Western’s leadership group as President of Commercial Banking, bringing with him over twenty years of expertise using the services of Colorado-based companies. Mr. Cassell will report to Scott Wylie, Chairman and CEO.
First Western is further happy to announce the hiring of Nick Lepetsos as marketplace President of this bank’s Lone Tree that is new workplace
Mr. Lepetsos adds almost three decades of expertise into the monetary solutions industry into the Denver area, making him an addition that is invaluable First Western’s team of talented and experienced banking professionals. Such as, he served because the president of First United states State Bank, a $280 million community bank within the Denver Tech Center, until 2004. He’s additionally served regarding the board associated with Colorado capital raising Authority for longer than 15 years, including serving as the president from 2012 to 2014.
“I am therefore happy with our associates, who possess worked tirelessly to guarantee the effective closing with this transaction that is important First bad credit personal loans guaranteed approval 5000 Western Trust and our new customers. This deal will increase the diversification and growth of your franchise and deepen our existence inside our core Denver market. I’m additionally similarly pleased to welcome Nick, Matt and all sorts of of your brand new associates to our First Western family members,” said Mr. Wylie. “In the midst of just one of probably the most significant wellness, security and financial challenges we now have confronted with respect to your pandemic, all of us of experienced associates has remained dedicated to assisting our customers, our community, and business carry on moving forward. It’s a certainly remarkable achievement and demonstrates the continued development and expertise of your company and all of us.”
A kit that is welcome been supplied to all or any affected Simmons Bank clients with details about modifications with their banking records, lending reports, cards, checks, CDs, along with other appropriate details.
In addition, in light regarding the pandemic, First Western has had a few actions to aid its customers while the communities it acts. To guarantee the security of associates and consumers, First Western has relocated to a “by appointment just” approach for in-person banking within all workplaces. very first Western can be earnestly taking part in the U.S. small company Administration’s (SBA) Paycheck Protection Program (PPP) financing and assistance that is financial, and has now made significant efforts to your Denver Museum of modern Art’s Octopus Initiative (OI) and National Jewish Health’s (NJH) Emergency Response Fund, among other pandemic associated efforts.
About Very First Western Financial, Inc.
First Western Financial, Inc., a monetary solutions keeping business, and its own wholly-owned subsidiary, First Western Trust, are headquartered in Denver, Colorado. First Western Trust keeps operations in Colorado, Arizona, Wyoming, and Ca. Predicated on an objective to be the ideal bank that is private the western wide range administration customer, First Western Trust provides a completely incorporated suite of wide range administration solutions on a personal trust bank platform, which include an extensive variety of deposit, loan, trust, wealth preparation, and investment administration products. First Western Financial, Inc.’s common stock is exchanged regarding the NASDAQ worldwide choose marketplace underneath the symbol “MYFW.”