New Issue: Treasury auctions $12.44 million of First Western Financial's TARP-issued preferreds

By Stephanie N. Rotondo

Phoenix, June 14 - The U.S. Department of the Treasury sold $12.44 million of series A and C fixed-rate cumulative perpetual preferred stock issued by First Western Financial Inc., according to a press release.

The modified Dutch auction began Monday and ended Thursday. The $1,000-par preferreds were issued to the agency under the Troubled Asset Relief Program.

A total of $8.56 million of the series A preferreds were sold at $902.50 apiece and $3.88 million of the series Cs were sold at $842.50 each. Total proceeds to the Treasury equaled $10.99 million.

First Western Financial is based in Denver.

Issuer:	First Western Financial Inc.
Amount:	$12.44 million
Proceeds:	$10,994,241
Pricing date:	June 13
Settlement date:	June 24
Series A fixed-rate cumulative preferred stock
Amount:	$8,559,000, or 8,559 shares
Proceeds:	$7,724,498
Maturity:	Perpetual
Price:	$902.50
Liquidation preference:	$1,000
Series C fixed-rate cumulative preferred stock
Amount:	$3,881,000, or 3,881 shares
Proceeds:	$3,269,743
Maturity:	Perpetual
Price:	$842.50
Liquidation preference:	$1,000

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