FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” closed out 2020 with 13 consecutive years of year-over-year growth in total assets, deposits, and loans despite the most challenging economic environment since the Great Recession.
FirstBank’s Arizona branches saw exceptional growth, with total deposits growing by 34.4 percent from $589.7 million in 2019 to $792.6 million at the end of 2020. Loans increased 5.4 percent from $889.1 million to $937.3 million and assets increased by 5.1 percent from $938.9 million to $987 million.
Companywide, FirstBank’s total assets grew to $24.5 billion representing a 22.5 percent increase, while deposits increased 22 percent to $21.9 billion over year-end 2019. Over that same time period, FirstBank also saw net loans jump by 14.3 percent to $13.0 billion at the end of 2020.
“This past year tested FirstBank’s resiliency and ability to adapt to unsavory circumstances, and I’m proud of the way we rose to that challenge,” said Joel Johnson, East Valley Market President for FirstBank. “Though we’re pleased by our continued growth, we also realize there are many individuals and businesses in this community that have faced financial hurdles. As we continue to forge a path to recovery, FirstBank is continuing to prioritize helping customers and communities regain their footing, and ensuring employees continue to have a great place to work each day.”
The year also saw FirstBank continue to expand its visibility in Arizona, with the bank completing its first year as a major sponsor of the Phoenix Suns and Phoenix Mercury. For the eighth year in a row, FirstBank served as the presenting sponsor of Arizona Gives Day, which raised a record $6.1 million to help hundreds of Arizona nonprofits weather the effects of the pandemic.
“Throughout 2020, we took our role as an essential service provider seriously by facilitating vital loans for small businesses, providing financial relief to customers and communities, and creating a safe and secure work environment for our nearly 3,000 employees,” said Jim Reuter, CEO of FirstBank. “It just goes to show that pandemic or not, FirstBank remains committed to our guiding principles.”
FirstBank finished 2020 with several awards and honors, including being recognized as a finalist in the AZ Business Angels awards for Collaboration of the Year with the Association of Arizona Nonprofits for Arizona Gives Day; named a Most Admired Company by AZ Business Magazine for the third year in a row; and honored as AZ Big Media’s Excellence in Banking for Community Impact. FirstBank Market President Bryce Lloyd was also recognized by Phoenix Business Journal as one of the Valley’s Most Admired Leaders for his leadership at FirstBank and service to the greater community.
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. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing nearly $70 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program.