First Western Financial, Inc pletes Acquisition of build up, Loans along with other Assets of Four Simmons Bank stores in Denver
First Western Financial, Inc. (NASDAQ: MYFW), a economic 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 deal with Simmons Bank (“Simmons”). Underneath the regards to the transaction’s definitive contract, the lender acquired three branches and another loan production workplace found in the Denver metro area, bought loans of around $119.8 million and assumed deposits of around $67.4 million.
The 3 branch places come in Englewood, Highlands Ranch, and Lone Tree, even though the location that is fourth a loan production workplace positioned in Denver
First Western will transform all three branch places to First Western workplaces, and it has closed the mortgage manufacturing payday loans online same day workplace. The financial institution 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 places within the coming months.
Simmons Bank clients connected with these places are actually a section of First Western, a 16-year-old colorado business that is pleased with its history within Colorado therefore the Denver community. First Western’s approach that is holistic assisting customers with regards to individual banking, commercial banking, wide range administration, and investment administration requires is truly unique.
First Western also announced that Matt Cassell, whom previously led Simmons Bank’s Colorado banking presence, plus 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 for the Bank’s new business. Mr. Cassell joins First Western’s leadership group as President of Commercial Banking, bringing with him over twenty years of expertise working together with Colorado-based organizations. 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 30 years of expertise within the monetary solutions industry within the Denver area, making him a priceless addition to First Western’s group of talented and experienced banking experts. Such as, he served once the 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 for the Colorado investment capital Authority for over 15 years, including serving as the president from 2012 to 2014.
“I am therefore pleased with our associates, who possess worked tirelessly so that the successful closing with this essential deal for First Western Trust and our new business. This deal will enhance the growth 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 our associates that are new our First Western family members,” said Mr. Wylie. “In the midst of 1 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 moving forward. It’s a undoubtedly remarkable achievement and demonstrates 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 information regarding modifications with their banking records, 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 in addition to communities it acts. So that the security of associates and customers, First Western has relocated to a “by appointment just approach that is in-person banking within all workplaces. First Western can also be earnestly playing the U.S. small company Administration’s (SBA) Paycheck Protection Program (PPP) financing and monetary support programs, and it has made significant contributions 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., an economic solutions company that is holding and its particular 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 management solutions on an exclusive trust bank platform, which include an extensive choice of deposit, loan, trust, wide range planning, and investment management services and products. First Western Financial, Inc.’s common stock is exchanged regarding the NASDAQ worldwide choose marketplace underneath the symbol “MYFW.”