FirstBank Announces Record-Setting Deposit Growth

FirstBank strengthens its ongoing commitment to “banking for good” amidst the COVID-19 pandemic

PALM DESERT — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” enters the year’s final quarter in a strong financial position, the bank announced Tuesday.

Across FirstBank’s California branches, deposits grew 16.3%  percent from $422.7 million to $491.6 million. California loans and assets remained steady, reporting $278.2 million in loans and $288.1 million in assets.

New consumer products including FirstBank’s Bloom account package, stimulus funds and the SBA’s Paycheck Protection Program (PPP) also impacted FirstBank’s total deposit growth in the third quarter.

“In line with our mission of ‘banking for good’, FirstBank is focused on meeting the needs of our customers, regardless of their situations,” Jake Wuest, FirstBank California Market President, said in a prepared statement. “It’s encouraging to see that our commitment to delivering a positive customer experience has resulted in growth for deposits at our California branches.”

Across all FirstBank branches including those in Arizona and Colorado, FirstBank also saw double-digit growth that drove assets to $23.5 billion, a more than 20 percent increase year-over-year. Total deposits grew 19 percent to $20.9 billion and total loans rose 15 percent to $12.9 billion.

“We’re fortunate to be well-capitalized and experiencing solid growth across our key business lines,” said FirstBank CEO Jim Reuter. “But we recognize this is a challenging year for many. As a bank that prioritizes customer and community needs, we feel it’s a critical time to reinvest in the causes and individuals that need it most.”

In addition to contributing well over $600,000 to COVID response and economic relief efforts earlier this year, the bank recently announced a significant investment to help address the affordable housing crisis, which has only intensified since the start of the pandemic. FirstBank pledged $30 million to both Habitat for Humanity and Impact Development Fund — a $60 million total investment — to help create and preserve more affordable housing communities.

Furthermore, FirstBank recently launched a web page to highlight its ongoing diversity efforts. To learn more about ongoing diversity, equity and inclusion efforts click here.

FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $20 billion in assets and operates more than 110 branch locations across Colorado, Arizona and California. Since 2000, the bank has been recognized as a leader in corporate philanthropy, contributing nearly $70 million and thousands of volunteer hours to charitable organizations.