Merger brings added scale, expanded product mix, and increased lending opportunities to the Wyoming market
First Western Financial, Inc., parent company of First Western Trust Bank, (the Bank), announced the completion of its acquisition of Teton Financial Services, Inc. (Teton Financial Services), parent company of Rocky Mountain Bank, effective December 31, 2021. The closing of this transaction merges Teton Financial Services’ three branches in the state of Wyoming, total 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 had $306.8 million in assets under management as of September 30, 2021. As part of its long-term growth strategy, the merger expands First Western’s presence in Wyoming and allows the Bank to deliver its unique approach to private and commercial banking to more clients in the region.
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“We are very pleased to complete the acquisition of Teton Financial Services and provide its talented group of bankers with an expanded suite of products and greater resources to better serve clients,” said Scott C. Wylie, Chairman, President and Chief Executive of First Western. “Our combined organization’s roots in Wyoming go back as far as 2005, demonstrating a deep commitment to the region and its communities, and our common focus on listening to clients and helping them realize their financial goals will continue to be the foundation of our corporate culture. Our teams have been collaborating well to prepare for the integration of the two companies, and we are excited to begin capitalizing on the synergies that we project for this combination, expand our relationships with existing clients, and steadily increase our market share in the years ahead.”
“Coming together as one bank gives us the ability to deliver enhanced services and more options for clients, as well as greater financial strength that will enable us to accommodate the larger credit needs of our commercial clients as their businesses grow,” said Mark Hendrickson, formerly Rocky Mountain Bank’s Chief Executive Officer, now First Western’s Wyoming Regional President. “The opportunities to offer increased borrowing capacity, a broader suite of trust and wealth management offerings, and introduce retirement and insurance services will enable us to deliver a superior banking experience to our clients.”
The merger expands First Western’s operations across 18 offices in four states, including Colorado, Arizona, Wyoming, and California, with a Bozeman, Montana office 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.
Under the terms of the merger agreement, Teton Financial Services shareholders will receive 0.0454 shares of First Western common stock and $0.39 in cash for each share of Teton Financial Services stock. First Western is issuing an aggregate of 1,337,808 shares of common stock and paying $11.5 million in cash to equity holders of Teton Financial Services. The value of the merger consideration is approximately $51.4 million.
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Client Convenience
Beginning today, Rocky Mountain Bank clients can access ATMs to make cash withdrawals with no ATM fees.
Rocky Mountain Bank clients should continue to bank as usual at their regular Rocky Mountain Bank location and contact Bank associates using the same number, (307) 367-7600. In addition, clients should continue using existing checks, accounts, and debit and credit cards. Also, there are no changes to client bank accounts, deposits, loans, online banking access, or other services.
In the coming months, clients will be notified about the change from Rocky Mountain Bank to First Western Trust Bank as well as when they can begin using First Western Trust Bank offices for other banking services in addition to ATMs.
The addition of three new offices in Wyoming provides clients with more banking locations and local expertise to serve their needs.
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 Bank’s associates are involved with many nonprofits in its communities and engage with local organizations by serving on boards and advisory committees, as well as volunteering. With its expanded operations in Wyoming following the completion of the merger, First Western intends to increase its community support in the state in the years to come.
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