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First Western Financial, Inc pletes purchase of Deposits, Loans along with other Assets of Four Simmons Bank stores in Denver

First Western Financial, Inc pletes purchase of Deposits, Loans along with other Assets of Four Simmons Bank stores 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 transaction 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, although 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 loan manufacturing office. The lender further intends to wthhold the Loan Tree location while consolidating the Englewood and Highlands Ranch areas into First Western’s existing boutique private banking workplace places when you look at the coming months.

Simmons Bank clients connected with these places are actually part of First Western, a 16-year-old colorado business that is happy with its history within Colorado plus the Denver community. First Western’s holistic method of assisting customers using their personal 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, as well as the people in Simmons’ current banking that is colorado-based have actually consented to join First Western to simply help guarantee 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 two decades of expertise working together with 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 within the monetary services industry when you look at the Denver area, making him an addition that is invaluable First Western’s group of talented and experienced banking specialists. Such as, he served whilst the elected president of First United states State Bank, a $280 million community bank into the Denver Tech Center, until 2004. He’s additionally served regarding the board associated with Colorado capital raising Authority for over 15 years, including serving as the chairman 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 Western Trust and our new customers. This deal will enhance the diversification and growth of our franchise and deepen our existence within our core Denver market. I will be additionally similarly very happy 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 1 of the very significant wellness, security and financial challenges we now have confronted with respect towards the pandemic, all of us of experienced associates has remained dedicated to 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 organization and all of us.”

A kit that is welcome been provided to all the affected Simmons Bank clients with information on modifications for their banking reports, lending records, cards, checks, CDs, as well as other appropriate details.

In addition, in light regarding the pandemic that is First Western has had a few actions to guide its consumers as well as the communities it acts. To guarantee the safety of associates and customers, 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 into the Denver Museum of Contemporary 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. According to a 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 an exclusive trust bank platform, which include an extensive choice 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 worldwide choose marketplace beneath the symbol “MYFW.”

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