Business
First Western Financial, Inc. Announces Stock Repurchase Program
DENVER, Nov. 03, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (NASDAQ: MYFW), a financial services holding company headquartered in Denver, Colorado
About this update from First Western Financial, Inc.
[{"type":"text","content":"DENVER, Nov. 03, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (NASDAQ: MYFW), a financial services holding company headquartered in Denver, Colorado (“First Western” or “the Company”), announced today that its Board of Directors has approved a stock repurchase program that authorizes the Company to repurchase up to 400,000 shares of its common stock, which represents approximately 5.0% of the Company’s outstanding shares. The Board of Governors of the Federal Reserve System advised the Company that it has no objection to the Company’s stock repurchase program.\n Scott C. Wylie, CEO of First Western, said, “Through the first nine months of 2020, we have generated a significant increase in our level of profitability and tangible book value per share, which we do not believe is accurately reflected in the current market price of our common stock. We believe that repurchasing our shares is an attractive long-term investment for the Company and represents an opportunity to deploy capital that will be accretive to both earnings and tangible book value per share. Given the strength of our balance sheet and our expectation for continued positive trends in our financial performance, we have the ability to implement a share repurchase program while still being well positioned to manage through the impact of the pandemic.” Stock repurchases under this program may be made from time to time on the open market, in privately negotiated transactions, or in any other manner that complies with applicable securities laws, at the discretion of the Company. The program will be in effect for a one-year period, with the timing of purchases and the number of shares repurchased under the program dependent upon a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The repurchase program may be suspended or discontinued at any time without notice. About First Western Financial, Inc. First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming and California. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and servic...