LAKEWOOD, CO--(Marketwired - February 22, 2017) - FirstBank, Colorado's second-largest bank and one of the nation's largest privately held banks, reported financial and community investment results for 2016.
As of Dec. 31, 2016, FirstBank's total assets grew to $17 billion, an increase of 9.6 percent, total deposits increased to $15.4 billion, up 9.7 percent, and net loans totaled $9.5 billion, an increase of 9.3 percent compared to the same period in 2015. FirstBank also donated more than $4 million to 809 nonprofit organizations across Colorado, Arizona and California, bringing its charitable donation total to $57 million since 2000.
"Last year was significant for FirstBank in many ways. Beyond our year-over-year growth, we opened our new headquarters, hired over 600 employees and continued to enhance our products and services," said Jim Reuter, who became FirstBank's CEO on February 1. "My predecessor, John Ikard, set a high bar for running a successful business and giving back to the communities FirstBank serves. I'm honored to carry that torch into 2017, and work on behalf of our employees and customers to build on our success."
In recognition of its charitable efforts, FirstBank also received the 2016 Corporate Citizenship award by Gov. John Hickenlooper for being one of the most philanthropic organizations in Colorado and in recognition of several specific initiatives that demonstrate the company's philanthropic philosophy. These efforts include founding Colorado Gives Day, implementing its Employee Volunteer Program and making significant contributions to Colorado-based charities.
FirstBank also reported the following end of year results in Arizona and California:
Across FirstBank's Phoenix-area branches, total deposits significantly increased from $323.9 million in 2015 to $403.5 million in 2016, a gain of 24.6 percent. Loans grew 16.1 percent from $647 million to $751 million, and assets increased 13.6 percent from $712 million to $808.8 million.
Among FirstBank's five Palm Desert branches, deposits increased by 2.1 percent from $357 million to $364.4 million in 2016. Loans increased from $273 million to $295.6 million, growing by 8.3 percent, and assets increased 8 percent from $284.1 million to $306.8 million in 2016.
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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