Lakewood, Colo., Feb. 09, 2021 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” closed out 2020 with 13 consecutive years of year-over-year growth in total assets, deposits, and loans despite the most challenging economic environment since the Great Recession.
The bank’s total assets grew to $24.5 billion representing a 22.5 percent increase, while deposits increased 22 percent to $21.9 billion over year-end 2019. Over that same time period, FirstBank also saw net loans jump by 14.3 percent to $13.0 billion at the end of 2020.
“Throughout 2020, we took our role as an essential service provider seriously by facilitating vital loans for small businesses, providing financial relief to customers and communities, and creating a safe and secure work environment for our nearly 3,000 employees,” said Jim Reuter, CEO of FirstBank. “It just goes to show that pandemic or not, FirstBank remains committed to our guiding principles.”
FirstBank’s more than decade-long partnership with Community First Foundation continued to thrive in Q4 as Colorado Gives Day generated over $50 million in donations for 2,828 Colorado nonprofits in a single day. FirstBank and Community First Foundation combined to offer an additional $1 million incentive fund, which helps nonprofits further their missions by increasing the value of every donation proportionally.
“Given the economic impact of COVID-19, we are immensely proud of how our fellow Coloradans so generously stepped up to provide much needed support for nonprofit organizations,” said Reuter.
The year also saw FirstBank continue to expand its visibility in Arizona, with the bank completing its first year as a major sponsor of the Phoenix Suns and Phoenix Mercury, as well as serving as the presenting sponsor of Arizona Gives Day, which raised a record $6.1 million this past April.
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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