First Western uses IPO cash to redeem stock

DENVER — First Western Financial Inc. (NASDAQ: MYFW), with headquarters in Denver and operations in Boulder and Fort Collins among others in Colorado, Arizona, California and Wyoming, has redeemed at par value all outstanding shares of preferred stock. The redemption was effective July 26.

The preferred stock consisted of 8,559 shares of Series A preferred stock, 428 shares of Series B preferred stock, 11,881 shares of Series C preferred stock, and 41,000 shares of Series D preferred stock.  The aggregate redemption price for the preferred stock was $25.4 million, including accrued and unpaid dividends.

First Western also redeemed effective July 26 all of its subordinated notes due 2020 for an aggregate redemption price of $6.9 million, including accrued and unpaid interest.

The preferred stock and subordinated notes due 2020 were redeemed using the proceeds from First Western’s recently completed initial public offering, which closed on July 23.  First Western previously received all necessary regulatory approvals for these redemptions, the company said.