Business
First Western Financial, Inc. Completes Acquisition of Teton Financial Services
Merger brings added scale, expanded product mix, and increased lending opportunities to the Wyoming market DENVER and JACKSON, Wyo., Jan. 03, 2022 (GLOBE
About this update from First Western Financial, Inc.
[{"type":"text","content":"Merger brings added scale, expanded product mix, and increased lending opportunities to the Wyoming market\nDENVER and JACKSON, Wyo., Jan. 03, 2022 (GLOBE NEWSWIRE) -- First Western Financial, Inc., (First Western) (Nasdaq: MYFW), parent company of First Western Trust Bank, (the Bank), today announced the completion of its acquisition of Teton Financial Services, Inc. (Teton Financial Services), parent company of Rocky Mountain Bank, effective December 31, 2021. The closing of this transaction merges Teton Financial Services’ three branches in the state of Wyoming, total assets of $449.6 million, total deposits of $402.9 million, and total loans of $261.1 million as of September 30, 2021, with First Western Trust Bank. Teton Financial Services also offers trust and wealth management services and had $306.8 million in assets under management as of September 30, 2021. As part of its long-term growth strategy, the merger expands First Western’s presence in Wyoming and allows the Bank to deliver its unique approach to private and commercial banking to more clients in the region. “We are very pleased to complete the acquisition of Teton Financial Services and provide its talented group of bankers with an expanded suite of products and greater resources to better serve clients,” said Scott C. Wylie, Chairman, President and Chief Executive of First Western. “Our combined organization’s roots in Wyoming go back as far as 2005, demonstrating a deep commitment to the region and its communities, and our common focus on listening to clients and helping them realize their financial goals will continue to be the foundation of our corporate culture. Our teams have been collaborating well to prepare for the integration of the two companies, and we are excited to begin capitalizing on the synergies that we project for this combination, expand our relationships with existing clients, and steadily increase our market share in the years ahead.” “Coming together as one bank gives us the ability to deliver enhanced services and more options for clients, as well as greater financial strength that will enable us to accommodate the larger credit needs of our commercial clients as their businesses grow,” said Mark Hendrickson, formerly Rocky Mountain Bank’s Chief Executive Officer, now First Western’s Wyoming Regional President. “The opportunities to off...