Business

FirstBank deposits pass $20B for first time in its history

Independent Newsmedia
Posted 8/18/20

FirstBank has announced that deposit balances surpassed $20 billion for the first time in company history.

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Business

FirstBank deposits pass $20B for first time in its history

Posted

FirstBank has announced that deposit balances surpassed $20 billion for the first time in company history.

The bank enters the second half of the year, according to a press release, in a strong financial position and continues monitoring the unfolding COVID-19 situation while supporting its customers, communities and employees.

Among the nation’s largest privately held banks, with a focus on “banking for good,” the bank finished the quarter with strong growth across key metrics over the prior year, the release said, citing a total assets increase of 17.22% to $22.57 billion.

Total deposits grew 16.72% to $20.17 billion, the release said, noting that net loans also rose to $12.69 billion, which is up 16.86% from last year.

“Our strong financial position will enable us to provide services and support for the countless individuals and businesses that have been negatively affected by the recent pandemic,” said FirstBank CEO Jim Reuter in a prepared statement.

“Our ‘banking for good’ philosophy will continue to guide FirstBank’s decisions as we navigate the challenges ahead.”

Arizona’s FirstBank branches contributed to the regional bank’s overall growth. Across Arizona branches, total assets increased 9.4% to $983.5 million and total deposits grew 23.3% to $691.0 million. Net loans also rose 9.8% to $932.5 million.

“FirstBank’s growth demonstrates our ability to meet the needs of our customers, and it reinforces our flexibility to work with them when times are tough,” said Joel Johnson, FirstBank East Valley Market president in a prepared statement.

“It’s been a hard year for most of Arizona, as the negative effects of this pandemic are prevalent in just about every aspect of life. But it’s clear that this community continues to push forward, which is a testament to its resilience and resolve.”

FirstBank, the release said, continues providing banking services throughout the COVID-19 crisis by implementing safety measures and expanding its online and mobile services, in addition to offering employees an extended enrollment period for health insurance coverage plus the emergency sick leave and extended family leave.

The bank’s community crisis response included providing over $650,000 towards COVID economic recovery and emergency relief efforts.

This included supporting essential workers at several Valley Fry’s Food Stores, as well as families and staff at Family Promise of Greater Phoenix, noted the release.

FirstBank also expanded its annual efforts behind Arizona Gives Day, working with the Alliance of Arizona Nonprofits to establish and fundraise a nonprofit emergency relief fund.

FirstBank also originated more than 13,000 SBA Paycheck Protection Program loans totaling nearly $1.1 billion. In Arizona, over 300 businesses received SBA PPP loans from FirstBank, translating to more than $35 million.

“We made a promise to do our best to assist our customers, communities, and employees during these unprecedented times — and we’re proud to have made good on that promise,” added Mr. Reuter.

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