Denver, CO (PRWEB) July 23, 2008
First Western Financial, the holding company of First Western Trust Bank (http://www.fwtb.com) -- the premier private bank for the western wealth management client -- announced today that it has been recognized by the Denver Business Journal as one of the fastest-growing private businesses in the Denver area.
First Western, which has more than doubled its assets under management in recent months, saw revenues jump 183% from 2005 to 2007, growing from nearly $5 million to more than $14.3 million, the Denver Business Journal reported in its July 18, 2008 issue.
"This is a unique honor and a true validation of our long-term business strategy, which is to be the best private bank in the West," said Scott Wylie, co-founder and CEO of First Western. "Our success in achieving exceptional client satisfaction is the direct result of the passion, creativity and hard work of each First Western team member."
As of June 30, First Western had $330 million in consolidated assets and $2.8 billion assets under management for clients. The firm has over 200 individual shareholders, and a total of 140 associates at banks in Denver, Boulder, Cherry Creek, and Fort Collins. New banks will open in DTC | Cherry Hills and Scottsdale, Arizona, later this year, providing clients with fully integrated wealth management solutions.
In June, First Western announced an agreement to acquire Financial Management Advisors, LLC, a Los Angeles-based independent registered investment advisor. The $1.5 billion transaction, which more than doubled First Western's investment capabilities, provided the bank both a foothold in the massive California market as well as an opportunity to extend its business to larger institutions, particularly in the area of fixed income asset management.
The Denver Business Journal surveyed hundreds of Denver-area companies in order to identify top performers among five flights of companies. A firm's designation was determined by using its 2007 revenues in relation to a median number of all companies responding to the survey.
About First Western Financial:
First Western Financial, Inc. is the holding company of First Western Trust Bank, the West's premier private bank and trust company. First Western is the only private bank to comprehensively integrate private banking, investment management, personal trust and wealth planning for high net worth individuals and their families. With $2.8 billion currently in Affiliate assets under management, First Western fields a team of experienced professionals to serve the needs of the entrepreneurial spirit of the West. First Western Financial has offices in Colorado, Arizona, and California. For more information, please visit http://www.fwtb.com or call 303-531-8100.