FirstBank Surpasses $1 Billion in Assets

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FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced incredible second quarter results with double digit growth in deposits, as assets surpassed the $1 billion mark. Across FirstBank’s Arizona branches, deposits grew by 41.8 percent from $691 million to $979.8 million compared to the same period last year. Arizona loans increased 7.1 percent from $932.5 million to $999 million and assets increased by 6.3 percent from $983.5 million to $1.05 billion, year-over-year. 

“This has been an outstanding quarter for FirstBank,” said Joel Johnson, FirstBank East Valley Market President. “Our branches have continued to deliver strong performance results and it will be exciting to see that continue through the remainder of the year. I am extremely thankful to our customers, our associates, and our community who have trusted us. It is only because of this motivation and trust that we have surpassed $1 billion in assets and are soon approaching $1 billion in loans.”

Across all of FirstBank’s markets, total assets grew to $26.8 billion, an 18.8 percent increase from the same period last year, while deposits jumped to $24.4 billion, a 20.9 percent increase from 2020. FirstBank’s net loans also increased by 4.1 percent to $13.2 billion, year-over-year. 

“We care about the health of our communities and the financial health of our customers, which represents a big part of our ‘banking for good’ mission,” said Jim Reuter, CEO of FirstBank. “By focusing on what matters to us and our stakeholders, it’s enabled our organization to experience strong year-over-year growth. We’re anticipating this trend to continue throughout 2021.” 

In June, FirstBank announced a new campaign encouraging customers to help in a planet-saving cause. For every FirstBank Bloom Package opened through Aug. 31, the bank planted five trees in partnership with global reforestation nonprofit, One Tree Planted, with the goal of planting 50,000 trees throughout Colorado, Arizona, and California.

The bank, which is known to partner with local housing nonprofits to bring creative options to first-time buyers and underserved communities, also launched its Empowering Homeownership program in Q2 2021, showcasing how it helps diverse customers overcome the odds to become successful homeowners. FirstBank was also named one of Arizona’s Most Admired Companies by AZ Big Media. 

To learn about FirstBank’s tree-planting campaign or to help in the cause, go to www.efirstbank.com/green. Or to learn about FirstBank’s Empowering Homeownership initiative, go to www.efirstbank.com/empower. 

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