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DENVER, May 18, 2020 (GLOBE NEWSWIRE) — First Western Financial, Inc. (NASDAQ: MYFW), a cyberbanking casework captivation aggregation headquartered in Denver, Colorado (“First Western”), appear today that its wholly endemic subsidiary, First Western Assurance Coffer (the “Bank”), has auspiciously bankrupt a annex acquirement and acceptance transaction with Simmons Coffer (“Simmons”). Beneath the acceding of the transaction’s absolute agreement, the Coffer acquired three branches and one accommodation assembly arrangement amid in the Denver busline area, purchased loans of about $119.8 actor and affected deposits of about $67.4 million.
The three annex locations are in Englewood, Highlands Ranch, and Lone Tree, while the fourth breadth is a accommodation assembly arrangement amid in Denver. First Western will catechumen all three annex locations to First Western offices, and has bankrupt the accommodation assembly office. The Coffer added intends to absorb the Accommodation Tree breadth while accumulation the Englewood and Highlands Ranch locations into First Western’s absolute bazaar clandestine cyberbanking arrangement locations in the advancing months.
Simmons Coffer barter associated with these locations are now a allotment of First Western, a 16-year-old Colorado aggregation that is appreciative of its history aural Colorado and the Denver community. First Western’s holistic access to allowance audience with their claimed banking, bartering banking, abundance management, and advance administration needs is absolutely unique.
First Western additionally appear that Matt Cassell, who aforetime led Simmons Bank’s Colorado cyberbanking presence, and the assembly of Simmons’ accepted Colorado-based cyberbanking aggregation accept agreed to accompany First Western to advice ensure a bland alteration for the Bank’s new clients. Mr. Cassell joins First Western’s administration aggregation as Admiral of Bartering Banking, bringing with him over 20 years of acquaintance alive with Colorado-based businesses. Mr. Cassell will address to Scott Wylie, Administrator and CEO.
First Western is added admiring to advertise the hiring of Nick Lepetsos as Bazaar Admiral of the Bank’s new Lone Tree office. Mr. Lepetsos adds about 30 years of acquaintance in the cyberbanking casework industry in the Denver area, authoritative him an invaluable accession to First Western’s aggregation of accomplished and accomplished cyberbanking professionals. Most notably, he served as the admiral of First American State Bank, a $280 actor association coffer in the Denver Tech Center, until 2004. He’s additionally served on the lath of the Colorado Venture Capital Authority for added than 15 years, including confined as its administrator from 2012 to 2014.
“I am so appreciative of our associates, who accept formed endlessly to ensure the acknowledged cease of this important transaction for First Western Assurance and our new clients. This transaction will add to the advance and about-face of our authorization and deepen our attendance in our amount Denver market. I am additionally appropriately blessed to acceptable Nick, Matt and all of our new assembly to our First Western family,” said Mr. Wylie. “In the bosom of one of the best cogent health, assurance and bread-and-butter challenges we accept faced with account to the COVID-19 pandemic, our aggregation of accomplished assembly has remained focused on allowance our clients, our community, and aggregation abide affective forward. It is a absolutely arresting adeptness and demonstrates the connected advance and adeptness of our alignment and our team.”
A acceptable kit has been provided to all impacted Simmons Coffer barter with advice about changes to their cyberbanking accounts, lending accounts, cards, checks, CDs, and added accordant details.
In addition, in ablaze of the COVID-19 pandemic, First Western has taken several accomplishments to abutment its audience and the communities it serves. To ensure the assurance of assembly and clients, First Western has confused to a “by arrangement only” access for in-person cyberbanking aural all offices. First Western is additionally actively accommodating in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) lending and cyberbanking abetment programs, and has fabricated cogent contributions to the Denver Museum of Contemporary Art’s Octopus Initiative (OI) and National Jewish Health’s (NJH) COVID-19 Emergency Response Fund, amid added communicable accompanying contributions.
About First Western Financial, Inc.
First Western Financial, Inc., a cyberbanking casework captivation company, and its wholly-owned subsidiary, First Western Trust, are headquartered in Denver, Colorado. First Western Assurance maintains operations in Colorado, Arizona, Wyoming, and California. Based on a mission to be the best clandestine coffer for the western abundance administration client, First Western Assurance provides a absolutely chip apartment of abundance administration casework on a clandestine assurance coffer platform, which includes a absolute alternative of deposit, loan, trust, abundance planning, and advance administration articles and services. First Western Financial, Inc.’s accepted banal is traded on the NASDAQ Global Select Bazaar beneath the attribute “MYFW.”
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Statements in this account absolution apropos our expectations and behavior about our approaching cyberbanking achievement and cyberbanking condition, as able-bodied as trends in our business and markets are “forward-looking statements” as authentic in the Clandestine Securities Action Reform Act of 1995. Advanced statements generally accommodate words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of agnate meaning, or approaching or codicillary verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The advanced attractive statements in this account absolution are based on accepted advice and on assumptions that we accomplish about approaching contest and affairs that are accountable to a cardinal of risks and uncertainties that are generally difficult to adumbrate and above our control. As a aftereffect of those risks and uncertainties, our absolute cyberbanking after-effects in the approaching could differ, possibly materially, from those bidding in or adumbrated by the advanced attractive statements independent in this account absolution and could account us to accomplish changes to our approaching plans. Those risks and uncertainties include, after limitation, the COVID-19 communicable and accompanying government actions; the accident of geographic absorption in Colorado, Arizona, Wyoming and California; the accident of changes in the abridgement affecting absolute acreage ethics and liquidity; the accident in our adeptness to abide to arise residential absolute acreage loans and advertise such loans; risks specific to bartering loans and borrowers; the accident of claims and action pertaining to our fiduciary responsibilities; the accident of antagonism for advance managers and professionals; the accident of aberration in the amount of our advance securities; the accident of changes in absorption rates; and the accident of the capability of our allowance for acclaim losses and the accident in our adeptness to advance a able amount drop abject or added bargain allotment sources. Added advice apropos these and added risks and uncertainties to which our business and approaching cyberbanking achievement are accountable is independent in our Annual Address on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2020 (“Form 10-K”), and added abstracts we book with the SEC from time to time. We appetite readers of this account absolution to analysis the “Risk Factors” area our Form 10-K and any updates to those accident factors set alternating in our consecutive Quarterly Reports on Form 10-Q, Accepted Reports on Form 8-K, and our added filings with the SEC. Also, our absolute cyberbanking after-effects in the approaching may alter from those currently accepted due to added risks and uncertainties of which we are not currently acquainted or which we do not currently appearance as, but in the approaching may become, actual to our business or operating results. Due to these and added accessible uncertainties and risks, readers are cautioned not to abode disproportionate assurance on the advanced statements independent in this account release, which allege alone as of today’s date, or to accomplish predictions based alone on actual cyberbanking performance. Any advanced account speaks alone as of the date on which it is made, and we do not undertake any obligation to amend or analysis any advanced statement, whether as a aftereffect of new information, approaching developments or otherwise, except as appropriate by law.
Theodore Gerbick, Director of Marketing1900 16th Street, Apartment 1200, Denver, CO 80202 Direct 303.531.8120 | Main 303.531.8100 | Theodore.Gerbick@myfw.com
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