First Western Financial, Inc. Completes Systems Integration in Wyoming

Rhea-AI Summary

First Western Financial, Inc. (Nasdaq: MYFW) announced the completion of its systems integration with Teton Financial Services, enhancing its presence in Wyoming. The merger, finalized on December 31, 2021, incorporates three Rocky Mountain Bank branches, enabling First Western to offer expanded services across 18 locations in Colorado, Arizona, Wyoming, and California. This integration allows enhanced client access to banking services, including fee-free ATM withdrawals and online banking platforms. The company aims to continue its community support and grow client relationships moving forward.

Positive

• Completion of systems integration enhances client services and access.
• Merger expands presence to 18 offices across four states.
• Fee-free ATM withdrawals for former Rocky Mountain Bank clients.
• Access to a wider range of banking products post-merger.

Negative

• Integration risks potentially affecting operational efficiency.
• Geographic concentration may lead to market vulnerability.

Integration activates added scale, expanded product mix, and increased opportunities to serve local Wyoming markets

DENVER and JACKSON, Wyo., May 16, 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 systems integration with Teton Financial Services, Inc. (Teton Financial Services), parent company of Rocky Mountain Bank. First Western completed the acquisition of Rocky Mountain Bank on December 31, 2021, which merged three Rocky Mountain Bank branches in the state of Wyoming with First Western Trust Bank. As part of its long-term growth strategy, the merger expands First Western’s presence in Wyoming and allows the Bank to provide clients with access to more services, as well as extend its unique approach to private and commercial banking to more clients in the region.

“Since the announcement of the acquisition, our talented team of professionals continued to focus on providing clients with great service and First Western’s unique approach to banking, while working to integrate our systems and products,” said Scott C. Wylie, Chairman, President and Chief Executive of First Western. “As we complete this important integration step, we are excited to cement lasting relationships with clients, welcome new clients, and continue providing local community support across the region. The merger of our firms, which has already created positive effects in our first quarter results, illustrates the opportunity to extend First Western’s presence in a growing market where we will continue to partner with clients and find solutions to fit their unique needs for generations to come.”

The merger expands First Western’s operations across 18 offices in four states, including Colorado, Arizona, Wyoming, and California. With this acquisition, First Western’s Jackson Hole office located at 690 South Highway 89, Suite 260, combined with Rocky Mountain’s office located at 890 W. Broadway in Jackson. The combined office on Broadway includes staff from both institutions, providing clients with trusted familiar faces committed to providing personalized service and local expertise.

Client Convenience

The addition of three new offices in Wyoming provides clients with more banking locations and access to local expertise to serve their needs.

As of May 13, former Rocky Mountain Bank clients with existing Rocky Mountain Bank or newly activated First Western debit cards gained the ability to make cash withdrawals from ATMs across the country with no ATM fees. On the morning of May 16, clients also gained access to First Western’s offices and its various mobile apps and online banking platforms for private banking and commercial banking services.

Ahead of the conversion, clients received communications about the changes to their services and a Welcome Guide with information about First Western’s products and services, key dates related to the merger, disclosures, and terms and conditions. In addition, a quick reference guide for frequently used services, as well as important contact information is located at https://myfw.com/welcome-rocky-mountain-bank-clients/. Additional copies of the client Welcome Guide are available at each of First Western’s Wyoming office locations. Clients may also contact Bank employees for assistance by calling (307) 367-7600.

In the Community

Since opening its doors in 2004, First Western has invested over $19 million in donations, sponsorships, community development loans, and affordable housing investments to organizations and projects that are making a lasting difference in its communities. The roots of the combined organization go back as far as 2005, demonstrating a shared commitment to the region. The involvement of the Bank’s employees includes nonprofits in their communities and serving on the boards and advisory committees of local organizations, as well as volunteering. With its expanded operations in Wyoming, First Western looks to continue its commitment to providing support within the communities it serves.

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 trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com. Member FDIC. Equal Housing Lender. NMLS ID 477166.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial 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. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the COVID-19 pandemic and its effects; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming and California; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our investment securities; the risk of changes in interest rates; and the risk of the adequacy of our allowance for loan losses and the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. 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 U.S. Securities and Exchange Commission (“SEC”) on March 15, 2022 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to 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 do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law..

MEDIA CONTACT:
Theodore Gerbick
(303) 531-8100 | theodore.gerbick@myfw.com

FAQ

What does the recent merger mean for MYFW shareholders?

The merger enhances First Western's scale and service offerings, potentially leading to increased shareholder value.

When was the merger between First Western and Rocky Mountain Bank completed?

The merger was completed on December 31, 2021.

How many offices does MYFW operate after the Teton Financial Services integration?

First Western operates a total of 18 offices across four states.

What new services are available to MYFW clients after the integration?

Clients can now access fee-free ATM withdrawals and enhanced online banking services.

What are the risks associated with MYFW's merger?

Risks include operational integration challenges and geographic market concentration.