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, although the location that is fourth a loan production workplace positioned in Denver
First Western will transform all three branch places to First Western offices, and contains closed the loan 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 places into the coming months.
Simmons Bank clients connected with these places are now actually part of First Western, a 16-year-old colorado business that is happy with its history within Colorado together with Denver community. First Western’s approach auto loans for bad credit that is holistic assisting consumers along with 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 presence, additionally the people in Simmons’ current banking that is colorado-based 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 using the services of 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 almost three decades of expertise into the economic solutions industry within the Denver area, making him an addition that is invaluable First Western’s group of talented and experienced banking experts. Especially, he served given that elected president of First United states State Bank, a $280 million community bank within the Denver Tech Center, until 2004. He’s additionally served in the board associated with 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 to guarantee the effective closure of the essential deal for First Western Trust and our new business. This deal will increase the development and diversification of our franchise and deepen our existence inside our core Denver market. I’m also similarly pleased to welcome Nick, Matt and all sorts of of our associates that are new our First Western family,” said Mr. Wylie. “In the midst of just one of the most extremely health that is significant security and economic challenges we now have confronted with respect into the pandemic, we of experienced associates has remained centered on assisting our customers, our community, and business continue dancing. It’s a really remarkable success and shows the continued development and expertise of our company and all of us.”
A kit that is welcome been supplied to any or all affected Simmons Bank clients with information about modifications for their banking reports, lending records, cards, checks, CDs, along with other appropriate details.
In addition, in light for the pandemic that is First Western has had a few actions to guide its consumers in addition to communities it acts. 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 offices. 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 Very First Western Financial, Inc.
First Western Financial, Inc., a monetary solutions keeping company, 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 personal bank for the western wide range administration customer, First Western Trust provides a completely incorporated suite of wealth administration services on an exclusive trust bank platform, including 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 from the NASDAQ worldwide choose marketplace underneath the symbol “MYFW.”