News
First Western Financial, Inc. announces share repurchase program
First Western Financial, Inc.
DENVER, June 17, 2024 (GLOBE NEWSWIRE) — First Western Financial, Inc. (NASDAQ: MYFW), a financial services holding company headquartered in Denver, Colorado (“First Western” or “the Company”), announced that in June On September 13, 2024, its Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to 200,000 common shares, which represents approximately 2% of the Company’s outstanding shares. The Board of Governors of the Federal Reserve System has informed the Company that it has no objection to the Company’s share repurchase program.
Scott C. Wylie, CEO of First Western, said: “We believe the repurchase of our shares is an attractive long-term investment for the Company, is in the best interests of our shareholders and represents an opportunity to mobilize capital that will be accretive to earnings. and the tangible book value per share.”
Share repurchases under this program may be made periodically in the open market, in privately negotiated transactions or in any other manner that complies with applicable securities laws, at the Company’s discretion. The program will be in effect for a period of one year, with the timing of purchases and the number of shares repurchased under the program dependent on a variety of factors, including price, trading volume, corporate and regulatory requirements and market conditions. The buyback program may be suspended or discontinued at any time without notice.
About First Western Financial, Inc.
First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust banking platform, which includes a comprehensive selection of deposit, lending, trust, wealth planning and investment management products and services. First Western common stock trades on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, visit www.myfw.com.
Forward-looking statements
Statements contained in this press release about 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 generally include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “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 press release are based on current information and assumptions 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 these risks and uncertainties, our actual financial results in the future may differ, possibly materially, from those expressed or implied by the forward-looking statements contained in this press release and may cause us to make changes to our future plans. . These risks and uncertainties include, without limitation, the lack of strength of other financial institutions or public services in the financial market that may adversely affect the Company; the Company’s ability to engage in routine financing and other transactions may be adversely affected by the actions and business strength of other financial institutions; financial institutions are interrelated due to trading, clearing, counterparty or other relationships; Defaults to, or even rumors or doubts about, one or more financial institutions or public financial market services, or the financial services sector in general, could lead to market-wide liquidity problems and losses of confidence from customers, creditors and counterparties and may lead to losses or default by other financial institutions or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California and Montana; the risk of changes in the economy that affect 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 relating 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 provision for credit losses and the risk of our ability to maintain a strong base of core deposits or other low-cost sources of financing. Additional information about 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, 2024 ( “Form 10-K”) and other documents we file with the SEC from time to time. Readers of this press release are urged 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. In addition, 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 have not currently considered, but which in the future may become material to our business or operations. results. Because of these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press 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 it is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
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Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com
