First Western Financial, Inc. Completes Acquisition of Teton Financial Services
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DENVER and JACKSON, Wyo., January 03, 2022 (GLOBE NEWSWIRE) – First Western Financial, Inc., (First Western) (Nasdaq: MYFW), parent company of First Western Trust Bank, (the Bank), today announced ‘ hui the completion of its acquisition of Teton Financial Services, Inc. (Teton Financial Services), parent company of Rocky Mountain Bank, with effect from December 31, 2021. The closing of this transaction merges the three branches of Teton Financial Services in the State of Wyoming, with 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 managed $ 306.8 million in assets under management as of September 30, 2021. As part of its long-term growth strategy, the merger expands the presence of First Western in Wyoming and enables the bank to deliver its unique approach to private and commercial banking to more customers in the region.
“We are very pleased to complete the acquisition of Teton Financial Services and to provide its talented group of bankers with an expanded product line and greater resources to better serve clients,” said Scott C. Wylie, Chairman of the Board. , President and CEO of First Western. . “The roots of our combined organization in Wyoming go back to 2005, demonstrating a deep commitment to the region and its communities, and our shared goal of listening to clients and helping them achieve their financial goals will continue to be the foundation of our corporate culture. . Our teams have collaborated well to prepare for the integration of the two companies, and we are delighted to begin to capitalize on the synergies that we project for this combination, to extend our relations with existing clients and to regularly increase our market share. in the years to come. . “
“Consolidating into a single bank gives us the ability to provide improved services and more options to customers, as well as greater financial strength that will allow us to meet the greater credit needs of our business customers as they grow. business is growing, ”said Mark Hendrickson, former president and CEO of Rocky Mountain Bank, now First Western regional president for Wyoming. “The opportunities to offer increased borrowing capacity, a wider range of trust and wealth management offerings, and to introduce pension and insurance services will allow us to provide a superior banking experience. our clients. “
The merger expands First Western’s operations to 18 offices in four states, including Colorado, Arizona, Wyoming, and California, with an office in Bozeman, MT, slated to open later this year. As of September 30, 2021, the combined institutions had approximately $ 2.5 billion in assets and $ 7.2 billion in assets under management.
Pursuant to the merger agreement, shareholders of Teton Financial Services will receive 0.0454 common shares of First Western and $ 0.39 in cash for each share of Teton Financial Services. First Western issues a total of 1,337,808 common shares and pays $ 11.5 million in cash to shareholders of Teton Financial Services. The value of the merger consideration is approximately $ 51.4 million.
Starting today, Rocky Mountain Bank customers can access ATMs to make cash withdrawals with no ATM fees.
Rocky Mountain Bank customers should continue to bank as usual at their usual Rocky Mountain Bank location and contact Bank Associates using the same number, (307) 367-7600. Additionally, customers should continue to use existing checks, accounts, debit and credit cards. In addition, no changes are made to customer bank accounts, deposits, loans, access to online banking or other services.
Over the next few months, customers will be notified of the change from Rocky Mountain Bank to First Western Trust Bank as well as when they can start using First Western Trust Bank offices for other banking services in addition to ATMs.
The addition of three new offices in Wyoming gives clients more bank locations and local expertise to meet their needs.
In the community
Since opening its doors in 2004, First Western has invested more than $ 19 million in donations, sponsorships, community development loans and affordable housing investments in organizations and projects that make a lasting difference in its communities. The Bank’s associates are involved in many non-profit organizations in its communities and engage with local organizations by serving on boards and advisory committees, as well as volunteering. With the expansion of its operations in Wyoming following the finalization of the merger, First Western intends to increase its community support in the state in the years to come.
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 banking platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and asset management products and services. investments. The common shares of First Western trade on the NASDAQ Global Select Market under the symbol “MYFW”. For more information, visit www.myfw.com. FDIC member. Equal housing lender. NMLS ID 477166.
Forward-looking statements Statements in this press release regarding our expectations and beliefs regarding our future financial performance and condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform. Act of 1995. Statements often include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “plan”, “consider”, or words with similar meanings, or future or conditional verbs such as “will”, “should”, “should”, “opportunity”, “could” or “could”. The forward-looking statements contained in this press release are based on current information and on assumptions that we make about future events and circumstances which are subject to a number of risks and uncertainties which are often difficult to predict. and beyond our control. As a result of these risks and uncertainties, our actual financial results in the future could differ, perhaps materially, from those expressed or implied by the forward-looking statements contained in this press release and could cause us to modify our future plans. . . These risks and uncertainties include, but are not limited to, the COVID-19 pandemic and its effects, the outcome of any legal proceedings that may be brought against First Western, the possibility that the intended benefits of the transaction may not be realized as expected or not at all, including due to the impact or problems resulting from the integration of the two companies or due to the strength of the economy and competitive factors in the regions where First Western operates, the possibility that the transaction will be more costly than expected, including due to unforeseen factors or events, distraction of management’s attention from the business operations and current opportunities, possible adverse effects or changes in business or employee relationships, including those resulting from the completion of the transaction, First Western’s ability to complete the integration of Teton Financial Services and the dilution ion caused by First Western’s issuance of common shares as part of the transaction. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12. 2021 (“Form 10-K”), and other documents that we file from time to time with the SEC. We urge readers of this press release to review the “Risk Factors” section of our Form 10-K and any updates to those risk factors set out in our subsequent quarterly reports on Form 10-Q, Current Reports on Form 8-K and our other SEC filings. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties that we are not currently aware of or that we do not currently consider to be, but in the future may become. important to our business or operation. results. Due to these and other uncertainties and possible risks, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which speak only as of today, or as of today. make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, unless required by law.
CONTACT WITH THE MEDIA:Scott C. Wylie (303) 531-8100 | [email protected]
Source: First Western Financial, Inc.