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FirstBank Closes Q3 with Positive Growth, Strategic Partnership with Phoenix Suns and New Market Location

935 Days ago

Bank carries on 2019 momentum with consistent year-over-year growth in the third quarter

LAKEWOOD, Colo., Nov. 04, 2019 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” today announced strong third quarter 2019 financial results alongside a new strategic partnership.

The company continued its year-over-year growth, reporting increases in the following categories as of September 30, 2019:

  • Net loans grew by 5.9% to $11.13 billion
  • Total deposits increased by 5.8% to $17.58 billion
  • Total assets rose by 6.2% to $19.59 billion
  • Net income grew 1.03% to $202.51 million

“FirstBank’s third quarter results demonstrate our focus on deepening community ties, and continuing methodical, sustainable growth,” said FirstBank CEO Jim Reuter. “We pursued two key developments in the third quarter: partnering with the Phoenix Suns and Mercury to elevate our presence in Arizona, and we expanded our branch network. We’re grateful for the strides we’ve made, and look forward to closing out another successful year.”

As the “Official Bank of the Phoenix Suns and Mercury”, FirstBank will collaborate on game days taking place intermittently throughout the 2019/2020 NBA and WNBA seasons. The bank also prepared to open its doors for the first time in Carbondale, Colorado. The new branch represents FirstBank’s continued growth in the Roaring Fork Valley, joining locations in Glenwood Springs and Aspen.

FirstBank’s Arizona and California branches also saw healthy deposit growth during the third quarter:

FirstBank’s Phoenix-area branches saw total deposits increase year-over-year from $497.5 million to $559.1 million, a gain of 12.4 percent. Loans grew to $878.5 million as compared to $828.7 million in Q2 2018, an increase of 6.0 percent. Assets increased 5.5 percent from $879.7 million to $928.4 million.

Among FirstBank’s four Palm Desert branches, total deposits grew 9.3 percent from $386.9 million to $422.7 million. Loans decreased from $323.5 million to $278.8 million, as did assets from $333 million to $288.5 million.

A bout FirstBank

FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $19 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving all employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.


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Chandra Brin

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