DENVER, Dec. 5, 2022 (GLOBE NEWSWIRE) — First Western Financial, Inc. MYFW, a financial services holding company headquartered in Denver, Colorado (“First Western” or the “Company”), today announced the offering and sale (the “Offering”) of $20 million in aggregate principal amount of 7.00% Fixed -to-Floating Known Rate subordinated notes due December 15, 2032 (the “Notes”). The Company intends to use the proceeds from the Offering for general corporate purposes.

The Notes are designed to qualify as Tier 2 capital for the Company for regulatory capital purposes and mature on December 15, 2032 (the “Maturity Date”) and bear interest at a fixed annual rate of 7.00%, which is payable semi-annually in arrears up to, but not including, 15 December 2027. From 15 December 2027 inclusive, up to but not including the Maturity Date or Early Repayment Date, the interest rate resets quarterly to an interest rate per annum equal to the SOFR with a three-month term (as defined in the Notes) or an alternative rate determined in accordance with the terms of the Notes if the SOFR for the three month term cannot be determined or a Benchmark Transition Event (as defined in the Notes) has occurred, plus 328 basis points , payable quarterly in arrears. Notwithstanding the foregoing, if the Three-Month SOFR or Alternative Rate is less than zero when a Benchmark Transition Event has occurred, then the Three-Month SOFR or Alternative Rate will be zero, as the case may be. The Company is entitled to redeem the Notes in whole or in part on or after December 15, 2027 and upon certain other events to redeem the Notes in full at any time at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest up to the redemption date, but exclusively. Any redemption of the Notes is subject to prior regulatory approval to the extent required.

Scott C. Wylie, Chairman and CEO of First Western, said, “We are pleased…