First Western Financial, Inc. (NASDAQ: MYFW), a economic solutions holding business headquartered in Denver, Colorado (вЂњFirst WesternвЂќ), announced today that its wholly owned subsidiary, First Western Trust Bank (the вЂњBankвЂќ), has successfully closed a branch purchase and presumption deal with Simmons Bank (вЂњSimmonsвЂќ). Beneath the regards to the transactionвЂ™s definitive contract, the lender acquired three branches and another loan production workplace located in the Denver metro area, bought loans of around $119.8 million and assumed deposits of around $67.4 million.
The 3 branch areas come in Englewood, Highlands Ranch, and Lone Tree, whilst the 4th location is a loan production office based in Denver
First Western will transform all three branch areas to First Western workplaces, and contains closed the mortgage manufacturing workplace. The financial institution further intends to wthhold the Loan Tree location while consolidating the Englewood and Highlands Ranch places into First WesternвЂ™s existing boutique banking that is private areas in the coming months.
Simmons Bank clients related to these areas are now actually a section of First Western, a 16-year-old colorado business that is pleased with its history within Colorado and also the Denver community. First WesternвЂ™s holistic method of assisting consumers making use of their personal banking, commercial banking, wide range administration, and investment management requires is truly unique.