Business
First Western Financial, Inc. and Teton Financial Services Announce the Signing of a Merger Agreement
Merger Strengthens First Western Financial, Inc’s Franchise in the Wyoming Region DENVER and JACKSON, Wyo., July 22, 2021 (GLOBE NEWSWIRE) -- First Western
About this update from First Western Financial, Inc.
[{"type":"text","content":"Merger Strengthens First Western Financial, Inc’s Franchise in the Wyoming Region\nDENVER and JACKSON, Wyo., July 22, 2021 (GLOBE NEWSWIRE) -- First Western Financial, Inc., \"First Western\" (Nasdaq: MYFW), parent company of First Western Trust Bank, “the Bank,” and Teton Financial Services, parent company of Rocky Mountain Bank, today announced the signing of a definitive merger agreement pursuant to which Teton Financial Services would merge with and into First Western. Teton Financial Services has three branches in the state of Wyoming, assets of $420.7 million, total deposits of $374.6 million, and total loans of $267.9 million as of June 30, 2021. Teton Financial Services also offers trust and wealth management services and had $394.1 million in assets under management as of June 30, 2021. “This transaction brings together two highly complementary institutions with similar values, business models, and commitment to helping clients achieve their financial goals,” said Scott C. Wylie, Chairman, President and Chief Executive Officer of First Western and the Bank. “Expanding our presence in Wyoming is a key element of our long-term growth strategy given its attractive demographics and favorable environment for our unique approach to private banking. The talented team at Rocky Mountain Bank has consistently attracted new clients and grown loans and deposits at a double-digit compound annual growth rate over the past seven years, and their experience and expertise will further strengthen our commercial banking capabilities. With our combined resources, we believe that we can steadily increase our market share in Wyoming in the future, providing another catalyst for enhancing the value of the First Western franchise.” Allan R. Tessler, Chairman, President, and Chief Executive Officer of Teton Financial Services, commented, “We are excited for the opportunity to join such a highly regarded franchise in the western region. Our employees and clients will benefit from First Western’s broader offering of products and services, as well as its ability to accommodate larger financing needs. With the greater resources provided by First Western, we will have the opportunity to enhance the banking experience provided to our customers while maintaining our ‘client first’ relationship-oriented approach to banking.” As of June 30, 2021, the co...