First Western launches $37M initial public offering

DENVER — First Western Financial, Inc., a financial holding company headquartered in Denver with banking and mortgage office locations in Boulder and Fort Collins, has launched its initial public offering of shares of its common stock.

First Western plans to offer 1,500,527 shares of its common stock, and certain non-insider selling shareholders of First Western intend to offer 349,473 shares of First Western common stock. First Western also expects to grant underwriters a 30-day option to purchase up to an additional 277,500 shares of its common stock, according to an announcement from the company.

The initial public offering price is expected to be between $19 and $21 per share, which at $20 would value the IPO at about $37 million.

First Western intends to list its common stock on NASDAQ Global Select Market under the trading symbol “MYFW.”

First Western will use the net proceeds from the offering and available cash on hand or borrowings to redeem all of the outstanding shares of its preferred stock and all of its subordinated notes due 2020.  First Western may also use proceeds to support its organic growth and for general corporate purposes. First Western will not receive any proceeds from the sale of shares of common stock by the selling shareholders.

Keefe, Bruyette & Woods and Stephens Inc. are acting as joint book-running managers for the offering.  Sandler O’Neill + Partners, L.P. is acting as co-manager.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.

In addition to Colorado, First Western has operations in Arizona, Wyoming and California.