Lakewood, Colo., Aug. 12, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced the achievement of a major milestone — deposit balances surpassed $20 billion for the first time in company history. The bank enters the second half of the year in a strong financial position and plans to continue monitoring the unfolding COVID-19 situation, while supporting its customers, communities and employees.
The bank finished the quarter with strong growth across key metrics over the prior year. Total assets increased 17.22 percent to $22.57 billion and total deposits grew 16.72 percent to $20.17 billion. Net loans also rose to $12.69 billion, up 16.86 percent from last year.
“Our strong financial position will enable us to provide services and support for the countless individuals and businesses that have been negatively affected by the recent pandemic,” said FirstBank CEO Jim Reuter. “Our ‘banking for good’ philosophy will continue to guide FirstBank’s decisions as we navigate the challenges ahead.”
FirstBank has remained open for business throughout the COVID-19 crisis and was able to reopen Colorado lobby locations during the second quarter by implementing numerous safety measures and expanding its online and mobile services. Additional support measures for FirstBank employees included an extended enrollment period for its health insurance coverage as well as the institution of Emergency Sick Leave and Extended Family Leave.
The bank’s community crisis response included providing over $650,000 towards COVID economic recovery and emergency relief efforts as well as supplying over 1,500 free meals to essential workers throughout Colorado and Arizona. In addition, FirstBank originated over 13,000 SBA Paycheck Protection Program (PPP) loans totaling nearly $1.1 billion.
“We made a promise to do our best to assist our customers, communities, and employees during these unprecedented times — and we’re proud to have made good on that promise,” Reuter concluded.
To learn more about FirstBank’s ongoing coronavirus efforts, please visit: www.efirstbankblog.com/coronavirus.
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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