First Western Financial, through its wholly-owned subsidiary First Western Trust Bank (FWTB), has acquired deposits, loans and other assets of four Simmons Bank locations in Denver, the US.
Under the deal terms, FWTB acquired three branches and one loan production office with nearly $119.8m in purchased loans and $67.4m in assumed deposits.
The Colorado-headquartered bank will convert all three branches to First Western offices and will shut the loan production office located in Denver.
The three branches are located in Englewood, Highlands Ranch, and Lone Tree in Colorado, US.
The bank intends to retain the Lone Tree branch and further consolidate the other two branches into its private banking offices in the future.
It will also acquire Simmons Bank customers associated with these locations.
The Simmons Bank customers have been provided with a welcome kit containing information about changes to their banking accounts, lending accounts, cards, checks, CDs, and other relevant details.
First Western chairman and CEO Scott Wylie said: “I am so proud of our associates, who have worked tirelessly to ensure the successful closure of this important transaction for First Western Trust and our new clients.
“This transaction will add to the growth and diversification of our franchise and deepen our presence in our core Denver market.”
Founded in 2002, First Western provides personal banking, commercial banking, wealth, and investment management services to its clients in Colorado.