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

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

First Western Financial, Inc. (NASDAQ: MYFW), an economic solutions company that is holding 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 places have been in Englewood, Highlands Ranch, and Lone Tree, as the 4th location is a loan production workplace based in Denver

First Western will convert all three branch places to First Western workplaces, and it has closed the mortgage manufacturing workplace. The lender 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 places within the coming months.

Simmons Bank clients related to these locations are now actually an integral part of First Western, a 16-year-old colorado business that is pleased with its history within Colorado in addition to Denver community. First Western’s holistic method of assisting customers due to their individual banking, commercial banking, wide range administration, and investment administration requires is truly unique.

First Western additionally announced that Matt Cassell, whom formerly led Simmons Bank’s Colorado banking existence, in addition to people in Simmons’ current Colorado-based banking team have actually consented to join First Western to greatly help make sure a smooth change when it comes to 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 associated with the bank’s Lone Tree that is new workplace

Mr. Lepetsos adds almost three decades of expertise within the monetary solutions industry within the Denver area, making him a indispensable addition to First Western’s team of talented and experienced banking specialists. Such as, he served due to the fact elected 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 regarding the Colorado investment capital Authority for longer than fifteen years, including serving as the president from 2012 to 2014.

“I am so happy with our associates, who possess worked tirelessly to guarantee the effective closing for this crucial deal for First Western Trust and our new customers. This transaction will increase the development and diversification of our franchise and deepen our existence inside our core Denver market. I’m additionally similarly thrilled to welcome Nick, Matt and all sorts of of your brand new associates to our First Western family,” said Mr. Wylie. “In the midst of 1 of the absolute most significant wellness, security and financial challenges we now have up against respect to your pandemic, all of us of experienced associates has remained centered on assisting our consumers, our community, and business carry on dancing. It really is a certainly remarkable achievement and shows the continued growth and expertise of our company and all of us.”

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

In addition, in light for the pandemic, First Western has had a few actions to guide its consumers additionally the communities it acts. To guarantee the security of associates and consumers, First Western has relocated to a “by appointment only” approach for in-person banking within all workplaces. very first Western normally earnestly taking part in the U.S. small company Administration’s (SBA) Paycheck Protection Program (PPP) financing and monetary support programs, and it has made significant efforts towards the Denver Museum of modern Art’s Octopus Initiative (OI) and National Jewish Health’s (NJH) Emergency Response Fund, among other pandemic related efforts.

About Very First Western Financial, Inc.

First Western Financial, Inc., a monetary solutions company that is holding 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. According to 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, including a thorough choice of deposit, loan, trust, wide range preparation, and investment administration products. First Western Financial, Inc.’s common stock is exchanged in the NASDAQ worldwide Select marketplace beneath the symbol “MYFW.”

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