First Western Financial, Inc pletes purchase of build up, Loans as well as other Assets of Four Simmons Bank Locations in Denver

August 6, 2021 10:35 am Published by Leave your thoughts

First Western Financial, Inc pletes purchase of build up, Loans as well as other Assets of Four Simmons Bank Locations in Denver

First Western Financial, Inc. (NASDAQ: MYFW), a monetary 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 have been in Englewood, Highlands Ranch, and Lone Tree, even though the location that is fourth a loan production workplace positioned in Denver

First Western will transform all three branch areas to First Western workplaces, and contains closed the mortgage manufacturing workplace. The financial institution further intends to wthhold 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 areas are actually a element of First Western, a 16-year-old colorado business that is pleased with its history within Colorado and also the Denver community. First Western’s holistic way of helping consumers using their personal banking, commercial banking, wide range administration, and investment administration requires is truly unique.

First Western also announced that Matt Cassell, whom previously led Simmons Bank’s Colorado banking existence, together with people in Simmons’ current Colorado-based banking group have actually decided to join First Western to simply help make sure a smooth change for the Bank’s new customers. Mr. Cassell joins First Western’s leadership group as President of Commercial Banking, bringing with him over two decades of expertise working together with Colorado-based companies. Mr. Cassell will are accountable to Scott Wylie, Chairman and CEO.

First Western is further very happy to announce the hiring of Nick Lepetsos as marketplace President for the bank’s Lone Tree that is new workplace

Mr. Lepetsos adds nearly three decades of expertise into the monetary services industry within the Denver area, making him a priceless addition to First Western’s group of talented and experienced banking experts. Especially, he served since the elected president of First United states State Bank, a $280 million community bank into the Denver payday loans near me Tech Center, until 2004. He’s also served in the board associated with the Colorado investment capital Authority for over 15 years, including serving as the president from 2012 to 2014.

“I am therefore pleased with our associates, who possess worked tirelessly so that the effective closing for this crucial deal for First Western Trust and our new business. This deal will increase the development and diversification of your franchise and deepen our presence inside our core Denver market. I will be additionally equally thrilled to welcome Nick, Matt and all sorts of of our associates that are new our First Western family members,” said Mr. Wylie. “In the midst of just one of the most extremely health that is significant security and financial challenges we now have up against respect to your pandemic, we of experienced associates has remained dedicated to helping our consumers, our community, and business carry on dancing. It really is a really remarkable success and shows the continued development and expertise of our company and all of us.”

A welcome kit has been supplied to any or all affected Simmons Bank clients with details about modifications with their banking reports, lending reports, cards, checks, CDs, along with other appropriate details.

In addition, in light regarding the pandemic, First Western has brought a few actions to aid its consumers additionally 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. First Western can be earnestly taking part in the U.S. small company Administration’s (SBA) Paycheck Protection Program (PPP) financing and economic support programs, and has now made significant efforts into the Denver Museum of modern Art’s Octopus Initiative (OI) and National Jewish Health’s (NJH) Emergency Response Fund, among other pandemic associated efforts.

About First Western Financial, Inc.

First Western Financial, Inc., a economic solutions company that is holding as well as its wholly-owned subsidiary, First Western Trust, are headquartered in Denver, Colorado. First Western Trust maintains operations in Colorado, Arizona, Wyoming, and Ca. Centered on an objective to be the best bank that is private the western wide range management customer, First Western Trust provides a completely incorporated suite of wide range administration solutions on an exclusive trust bank platform, which include an extensive collection of deposit, loan, trust, wide range preparation, and investment administration products. First Western Financial, Inc.’s common stock is exchanged from the NASDAQ worldwide choose marketplace underneath the symbol “MYFW.”

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This post was written by Rap Fund

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