First Western Financial, the parent company of First Western Trust Bank has signed a definitive merger agreement to acquire Teton Financial Services.
The move will add more than $420.7m in total assets to First Western Financial’s books.
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Transaction Details:
As agreed, Teton Financial Services shareholders will receive 0.0466 shares of First Western common stock and $0.39 in cash for each share they hold. The transaction is expected to value $47.8m, subject to fluctuations.
The deal is expected to be 5.2% accretive to 2022 earnings per share.
It is expected to close in late fourth quarter 2021 or early first quarter 2022, subject to regulatory green light and shareholder approval.
Benefits:
Teton Financial Services is the parent company of Wyoming-based community lender Rocky Mountain Bank. It offers personal banking, business banking, specialty lending, deposits products as well as wealth management services. It has three branches.
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By GlobalDataThe deal will bolster First Western Financial’s presence in the state of Wyoming. The combined lender will have $2.4bn in assets and $7.2bn in assets under management, as of 30 June 2021 data.
It will have 18 offices in the states of Colorado, Arizona, Wyoming, and California.
Quote:
First Western chairman, president and CEO Scott C. Wylie said: “This transaction brings together two highly complementary institutions with similar values, business models, and commitment to helping clients achieve their financial goals.
“Expanding our presence in Wyoming is a key element of our long-term growth strategy given its attractive demographics and favourable environment for our unique approach to private banking.
“The talented team at Rocky Mountain Bank has consistently attracted new clients and grown loans and deposits at a double-digit compound annual growth rate over the past seven years, and their experience and expertise will further strengthen our commercial banking capabilities.”
Last year, First Western Financial acquired deposits, loans and other assets of four Simmons Bank locations in Denver, the US.
