SOURCE: FirstBank

FirstBank

February 28, 2017 10:00 ET

FirstBank Originates More Than $2.76 Billion in Commercial Loans

Nation's Third Largest Privately Held Bank and SBA Preferred Lender Finances over 5,400 Development and Business Expansion Projects in 2016

LAKEWOOD, CO--(Marketwired - February 28, 2017) - FirstBank, one of the nation's largest privately held banks and a U.S. Small Business Administration (SBA) preferred lender, announced that it financed more than $2.76 billion in commercial loans in Colorado, Arizona and California last year. Over 5,400 loans were originated, including:

  • More than $220 million was provided in equipment loans, term loans, SBA loans and working capital lines of credit.
  • $2.5 billion towards real estate construction, commercial real estate investments and land development.

"FirstBank's goal is to help businesses become successful and give them the capital needed to expand their operation," said Ron Tilton, President of FirstBank. "We're pleased we've done that on such a large scale by financing thousands of business projects and developments in 2016. These loans were originated to companies that are creating jobs, providing sought-after services or filling a critical need in the area, and we couldn't be more excited to help these businesses grow."

FirstBank provided business financing to the following companies in 2016:

  • Ella Bliss Beauty Bar: The one-stop beauty salon and bar received financing to purchase equipment and help build out its third location.
  • White Fence Farm: The well-known family restaurant in Lakewood received an installment loan for the expansion and development of several White Fence Farm take-out retail locations throughout metro Denver.
  • Mollner Dentistry: The dental company received financing to purchase new equipment and expand its second office location.
  • KMM Delivery Services Incorporated: A Colorado-based transportation company, which provides trucking services for FedEx, received financing to purchase new tractors, helping transport packages between FedEx terminals.
  • Vail Backcountry Tours: A loan was provided to Vail Backcountry Tours to acquire Vail Valley Tours. Vail Backcountry Tours will operate a 20 sled snowmobile touring operation across the street from Vail Mountain Ski Resort.

"Vail Backcountry prides itself on creating memorable experiences with friendly, knowledgeable experts. That's something we look for in a partner," said Carrie Rose, co-owner of Vail Backcountry Tours. "We felt the officers at FirstBank weren't only friendly and knowledgeable, but listened to our vision for wanting to grow our tour operation. Their loan officers don't receive commission and underwrite each loan, which made for a painless experience that was done in our best interest. While getting a business loan is nowhere near as fun as snowmobiling on Vail's breathtaking mountains, FirstBank definitely made it worthwhile for us."

In addition, FirstBank provided construction and commercial real estate loans in 2016 for several development projects in its tristate region, including:

  • Stanley Marketplace (Stapleton, Colo.): FirstBank loaned $15 million to help transform the once abandoned Stanley Aviation headquarters into a 100,000 sq. ft. marketplace, featuring local shops, restaurants, parks and office space.
  • Hangar 2 (Lowry, Colo.): FirstBank funded the construction of Hangar 2. The loan is helping reinvent the former Air Force base into a neighborhood gathering place, showcasing several restaurants and retail shops.
  • Alto Apartments (Westminster, Colo.): FirstBank financed $13.25 million construction loan for Alto Apartments, a mixed-use, affordable housing development in Westminster. The multiuse building will include 70 affordable housing units and 18,750 sq. ft. of commercial office space.
  • Summit Sky Ranch (Silverthorne, Colo.): FirstBank helped fund Summit Sky Ranch, a new real estate development that will have 240 'mountain-modern' cabins and homes in Silverthorne.
  • Gilbert Christian Schools (Phoenix, Ariz.): FirstBank provided a $11.25 million loan for the construction of Gilbert Christian Schools' new elementary and middle school campus. The new school will be over 56,000 sq. ft., and will include four buildings on an 8.7-acre site.
  • Hotel Paseo (Palm Desert, Calif.): FirstBank provided $23.5 million to Hotel Paseo, a Marriott Autograph Collection luxury boutique hotel. The 150 guest room hotel is expected to bring 200 permanent jobs to Palm Desert.

FirstBank offers a variety of business loans, including SBA loans, commercial real estate loans, construction loans and business loans for working capital or fixed asset needs. For more information on the bank's business products and services, visit efirstbank.com/business or email businessloans@efirstbank.com.

About FirstBank

FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 700,000 customers. Since 2000, FirstBank has contributed more than $57 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

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