Business
First Western Financial, Inc. Completes Acquisition of Deposits, Loans and Other Assets of Four Simmons Bank Locations in Denver
DENVER, May 18, 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, May 18, 2020 (GLOBE NEWSWIRE) -- First Western Financial, Inc. (NASDAQ: MYFW), a financial services holding company 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 assumption transaction with Simmons Bank (“Simmons”). Under the terms of the transaction’s definitive agreement, the Bank acquired three branches and one loan production office located in the Denver metro area, purchased loans of approximately $119.8 million and assumed deposits of approximately $67.4 million.\n The three branch locations are in Englewood, Highlands Ranch, and Lone Tree, while the fourth location is a loan production office located in Denver. First Western will convert all three branch locations to First Western offices, and has closed the loan production office. The Bank further intends to retain the Loan Tree location while consolidating the Englewood and Highlands Ranch locations into First Western’s existing boutique private banking office locations in the coming months. Simmons Bank customers associated with these locations are now a part of First Western, a 16-year-old Colorado company that is proud of its history within Colorado and the Denver community. First Western’s holistic approach to helping clients with their personal banking, commercial banking, wealth management, and investment management needs is truly unique. First Western also announced that Matt Cassell, who formerly led Simmons Bank’s Colorado banking presence, and the members of Simmons’ current Colorado-based banking team have agreed to join First Western to help ensure a smooth transition for the Bank’s new clients. Mr. Cassell joins First Western’s leadership team as President of Commercial Banking, bringing with him over 20 years of experience working with Colorado-based businesses. Mr. Cassell will report to Scott Wylie, Chairman and CEO. First Western is further pleased to announce the hiring of Nick Lepetsos as Market President of the Bank’s new Lone Tree office. Mr. Lepetsos adds nearly 30 years of experience in the financial services industry in the Denver area, making him an invaluable addition to First Western’s team of talented and experienced banking professionals. Most notably, he served as the president of First Americ...