First Western Financial, Inc. (NASDAQ: MYFW), a economic solutions holding business headquartered in Denver, Colorado (вЂњFirst WesternвЂќ), announced today that its wholly owned subsidiary, First Western Trust Bank (the вЂњBankвЂќ), has successfully closed a branch purchase and presumption deal with Simmons Bank (вЂњSimmonsвЂќ). Beneath the regards to the transactionвЂ™s definitive contract, the lender acquired three branches and another loan production workplace located in the Denver metro area, bought loans of around $119.8 million and assumed deposits of around $67.4 million.
The 3 branch areas come in Englewood, Highlands Ranch, and Lone Tree, whilst the 4th location is a loan production office based in Denver
First Western will transform all three branch areas to First Western workplaces, and contains closed the mortgage manufacturing workplace. The financial institution further intends to wthhold the Loan Tree location while consolidating the Englewood and Highlands Ranch places into First WesternвЂ™s existing boutique banking that is private areas in the coming months.
Simmons Bank clients related to these areas are now actually a section of First Western, a 16-year-old colorado business that is pleased bad credit loans in New Hampshire with its history within Colorado and also the Denver community. First WesternвЂ™s holistic method of assisting consumers making use of their personal banking, commercial banking, wide range administration, and investment management requires is truly unique.
First Western additionally announced that Matt Cassell, whom previously led Simmons BankвЂ™s Colorado banking existence, in addition to people of SimmonsвЂ™ current Colorado-based banking team have actually decided to join First Western to aid ensure a smooth transition for the BankвЂ™s new business. Mr. Cassell joins First WesternвЂ™s leadership group as President of Commercial Banking, bringing with him over twenty years of expertise dealing with 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 of this BankвЂ™s new Lone Tree workplace
Mr. Lepetsos adds almost three decades of expertise within the economic solutions industry within the Denver area, making him a indispensable addition to First WesternвЂ™s group of talented and experienced banking specialists. Such as, he served since the president of First United states State Bank, a $280 million community bank into the Denver Tech Center, until 2004. HeвЂ™s additionally served in the board for the Colorado investment capital Authority for over 15 years, including serving as the chairman from 2012 to 2014.
вЂњI am therefore pleased with our associates, who possess worked tirelessly to guarantee the effective closing for this transaction that is important First Western Trust and our new customers. This deal will increase the diversification and growth of your franchise and deepen our existence within our core Denver market. I will be also similarly pleased to welcome Nick, Matt and all sorts of of your brand new associates to our First Western family members,вЂќ said Mr. Wylie. вЂњIn the midst of just one of the very 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 consumers, our community, and business carry on dancing. It really is an accomplishment that is truly remarkable shows the continued development and expertise of our company and all of us.вЂќ
A kit that is welcome been supplied to all or any affected Simmons Bank clients with information about modifications with their banking records, lending records, cards, checks, CDs, along with other appropriate details.
In addition, in light associated with the pandemic that is First Western has had a few actions to guide its customers additionally the communities it acts. To guarantee the security of associates and consumers, First Western has relocated to a вЂњby appointment justвЂќ approach for in-person banking within all workplaces. First Western normally earnestly playing the U.S. small company AdministrationвЂ™s (SBA) Paycheck Protection Program (PPP) financing and economic help programs, and contains made significant efforts towards the Denver Museum of modern ArtвЂ™s Octopus Initiative (OI) and National Jewish HealthвЂ™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 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. According to 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 an exclusive trust bank platform, including a thorough collection of deposit, loan, trust, wide range planning, and investment administration services and products. First Western Financial, Inc.вЂ™s common stock is exchanged regarding the NASDAQ worldwide choose marketplace beneath the symbol вЂњMYFW.вЂќ