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 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 places come in Englewood, Highlands Ranch, and Lone Tree, although the location that is fourth a loan production workplace situated in Denver
First Western will transform all three branch places to First Western offices, and it has closed the mortgage production workplace. The lender further intends to retain the Loan Tree location while consolidating the Englewood and Highlands Ranch places into First Western’s existing boutique banking that is private areas within the coming months.
Simmons Bank clients connected with these areas are actually a section 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 method of assisting consumers due to their individual banking, commercial banking, wealth management, and investment administration requires is truly unique.
First Western also 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 decided to join First Western to greatly 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 twenty years of expertise dealing payday loans near me 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 into the monetary solutions industry within 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 president of First United states State Bank, a $280 million community bank into the Denver Tech Center, until 2004. He’s additionally served from the board associated with Colorado investment capital Authority for over 15 years, including serving as the chairman from 2012 to 2014.
“I am therefore happy with our associates, who’ve worked tirelessly to guarantee the effective closure with this transaction that is important First Western Trust and our new customers. This deal will enhance the development and diversification of our franchise and deepen our existence inside 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 just one of the very most significant wellness, security and financial challenges we now have confronted with respect to your pandemic, we of experienced associates has remained dedicated to assisting our customers, our community, and business carry on dancing. It’s an accomplishment that is truly remarkable shows the continued development and expertise of your company and our team.”
A kit that is welcome been supplied to all the impacted Simmons Bank clients with details about modifications for their banking reports, lending records, cards, checks, CDs, as well as other appropriate details.
In addition, in light associated with the pandemic, First Western has had a few actions to guide its consumers plus the communities it serves. So that the security of associates and consumers, First Western has relocated to a “by appointment just approach that is 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 assistance that is financial, and has now made significant contributions to your 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 keeping business, 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 Ca. Predicated on a objective to be the ideal personal bank for 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 a thorough 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 underneath the symbol “MYFW.”