FINANCE

FirstBank reports continued growth for the first quarter of 2021

Arizona Gives Day’s corporate partner helps online giving movement raise record $7.1 million

Posted 5/20/21

FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” started 2021 with continued growth, a successful leadership transition, numerous award nominations and increased community involvement.

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FINANCE

FirstBank reports continued growth for the first quarter of 2021

Arizona Gives Day’s corporate partner helps online giving movement raise record $7.1 million

FirstBank operates nine branches in the Valley.
FirstBank operates nine branches in the Valley.
[Submitted photo]
Posted

FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” started 2021 with continued growth, a successful leadership transition, numerous award nominations and increased community involvement.

The company has branches in Ahwatukee, Chandler, Gilbert, Glendale, Goodyear, Mesa, Phoenix, Scottsdale and Sun City West.

Across its Arizona branches, deposits grew 41.6%, from $618.9 million to $876.3 million, compared to the first quarter 2020. Arizona loans also increased by 2.5%, from $926.5 million to $949.3 million, while assets increased by 2.2%, from $976.8 million to $997.9 million, according to a release.

In the first quarter, Humphrey Shin was promoted to Phoenix market president, replacing Bryce Lloyd, who announced his retirement after 32 years with FirstBank.

“It’s been a joy to watch FirstBank grow in the Arizona market over the past decade, and I look forward to building on that success,” Mr. Shin said in a prepared statement. “We believe a lot of the bank’s success in the Valley is attributed to our loyal customers, dedicated employees, and community involvement. FirstBank will continue to grow stronger as this community does the same, and I welcome the opportunity to play a role in both.”

 For the ninth consecutive year, FirstBank was the presenting sponsor for Arizona Gives Day, which raised a record-breaking $7.1 million for local nonprofits this year.

To help promote the one-day giving event, the bank surprised dozens of families across Phoenix in March by paying for their groceries. FirstBank just asked lucky recipients to consider “giving it forward” — even if it was just $5 — to their favorite AZ Gives Day charity.

Additionally, FirstBank was recognized with the following honors:

• AZ Business Magazine as a “Bank of the Year,” and one of five banks recognized for their “Community Impact”.

• Finalist for the AZ Business Angels “Collaboration of the Year” for its contributions to Arizona Gives Day.

• Finalist for the Greater Phoenix Chamber’s 2021 IMPACT Awards.

Across all of FirstBank’s trade areas, the bank experienced a 29.1% increase in total deposits to $23.5 billion from the first quarter of 2020. Total assets grew by 28%, to $25.9 billion, and net loans were up by 16.3% from last year to $13.4 billion.

FirstBank also continued its partnership with the Phoenix Suns to award a Hispanic-owned business $5,000, and donated $5,000 to the Arizona Housing Fund.

“We are humbled by the strength, perseverance, and level of dedication our entire organization demonstrated in helping serve small business and underserved populations,” said Jim Reuter, CEO of FirstBank. “Our company’s mission has been a guiding light, not only in helping our strategic growth, but it’s kept us focused on what matters – supporting customers and uplifting communities.”

To learn more about how FirstBank is empowering underserved communities, check out the organization’s 2020 community impact report at efirstbank.com/_assets/documents/FBCommunityReport2020.pdf.

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