By Devika Patel
Knoxville, Tenn., Sept. 1 – First Western Financial, Inc. settled a $15 million private placement of fixed-to-floating subordinated notes due Sept. 1, 2031 on Tuesday, according to an 8-K filed with the Securities and Exchange Commission. Keefe, Bruyette & Woods, a Stifel Co., was the agent.
The notes were sold at par.
Interest accrues at 3.25% per year up to but excluding Sept. 1, 2026. From then onwards, the notes will bear interest at a floating rate equal to SOFR.
Proceeds will be used for general corporate purposes and to fund a portion of the company’s planned acquisition of Teton Financial Services, Inc.
First Western is a Denver-based bank holding company.
| Issuer: | First Western Financial, Inc.
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| Issue: | Fixed-to-floating subordinated notes
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| Amount: | $15 million
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| Maturity: | Sept. 1, 2031
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| Coupon: | 3.25% up to but excluding Sept. 1, 2026, then at SOFR
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| Price: | Par
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| Call: | After five years at par
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| Agent: | Keefe, Bruyette & Woods, a Stifel Co.
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| Settlement date: | Aug. 31
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| Distribution: | Private placement
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