Lakewood, Colo., Nov. 10, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” enters the final quarter in a strong financial position, due in large part to double-digit growth that drove its total assets to $23.5 billion — a more than 20 percent increase year-over-year.
New consumer products, including FirstBank’s Bloom account package, stimulus funds and the SBA’s Paycheck Protection Program impacted deposit growth, which increased 19 percent since Q3 2019 to $20.9 billion. In addition to rising deposits, net loans also rose to $12.9 billion — a 16 percent increase.
“We’re fortunate to be well capitalized and experiencing solid growth across our key business lines,” said FirstBank CEO Jim Reuter. “But we recognize this is a challenging year for many. As a bank that prioritizes customer and community needs, we feel it’s a critical time to reinvest in the causes and individuals that need it most.”
In addition to contributing well over $600,000 to COVID response and economic relief efforts earlier this year, the bank recently announced a significant investment to help address the affordable housing crisis, which has only intensified since the start of the pandemic. FirstBank pledged $30 million to both Habitat for Humanity and Impact Development Fund — a $60 million total investment — to help create and preserve more affordable housing communities.
The partnerships reflect the company’s guiding ethos of "banking for good,” which has also driven its lasting commitment to diversity, equity and inclusion. The bank recently launched a web page to highlight its ongoing diversity efforts.
To learn more about ongoing diversity, equity and inclusion efforts please visit: https://www.efirstbank.com/about-firstbank/diversity.htm.
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $20 billion in assets and operates more than 110 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 nearly $70 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 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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