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

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

First Western Financial, Inc. (NASDAQ: MYFW), an economic services 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 assumption 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 come in Englewood, Highlands Ranch, and Lone Tree, even though the location that is fourth a loan production workplace based in Denver

First Western will transform all three branch places to First Western workplaces, and has now 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 when you look at the coming months.

Simmons Bank clients connected with these locations are now actually an integral part of First Western, a 16-year-old colorado business that is happy with its history within Colorado as well as the Denver community. First Western’s holistic method of assisting customers making use of their individual banking, commercial banking, wide range administration, and investment administration needs is truly unique.

First Western additionally announced that Matt Cassell, who previously led Simmons Bank’s Colorado banking existence, additionally the users of Simmons’ current banking that is colorado-based have consented to join First Western to aid guarantee a smooth change when it comes to Bank’s new customers. Mr. Cassell joins First Western’s leadership payday loans no bank account group as President of Commercial Banking, bringing with him over two decades of expertise using the services of Colorado-based organizations. Mr. Cassell will are accountable to Scott Wylie, Chairman and CEO.

First Western is further 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 into the economic solutions industry into the Denver area, making him an addition that is invaluable First Western’s group of talented and experienced banking specialists. Such as, he served while the president of First United states State Bank, a $280 million community bank when you look at the Denver Tech Center, until 2004. He’s additionally served regarding the board associated with the Colorado investment capital Authority for longer than fifteen years, including serving as the president from 2012 to 2014.

“I am therefore happy with our associates, that have worked tirelessly so that the effective closing of the crucial deal for First Western Trust and our new business. This deal will enhance the development and diversification of your franchise and deepen our existence inside our core Denver market. I will be additionally similarly pleased to welcome Nick, Matt and all sorts of of our new associates to our First Western family members,” said Mr. Wylie. “In the midst of just one of the very most significant wellness, security and financial challenges we’ve confronted with respect to your pandemic, we of experienced associates has remained centered on assisting our customers, our community, and business carry on dancing. It really is an accomplishment that is truly remarkable shows the continued development and expertise of your company and all of us.”

A welcome kit has been supplied to any or all affected Simmons Bank clients with information regarding modifications for 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 guide its customers additionally the communities it acts. To guarantee the safety of associates and customers, First Western has moved to a “by appointment just approach that is in-person banking within all workplaces. First Western can also be earnestly taking part in the U.S. small company Administration’s (SBA) Paycheck Protection Program (PPP) financing and economic support programs, and it has 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 company, as well as its wholly-owned subsidiary, First Western Trust, are headquartered in Denver, Colorado. First Western Trust keeps operations in Colorado, Arizona, Wyoming, and California. Centered on an objective to be the ideal personal bank for the western wealth administration customer, First Western Trust provides a completely incorporated suite of wide range administration solutions on a personal trust bank platform, which include a thorough variety of deposit, loan, trust, wide range preparation, and investment administration services and products. First Western Financial, Inc.’s common stock is exchanged in the NASDAQ Global choose marketplace beneath the symbol “MYFW.”

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