Vail Valley: FirstBank net income rises in the second quarter
Vail, CO, Colorado
FirstBank Holding Company, which has bank locations in the Vail Valley, recently reported its financial results for the first six months of 2009. The company’s net income grew to $72.26 million for the first six months of the year, up 7 percent compared to the same period in 2008. The company’s earnings per share surged to $556.61, up 9 percent from the same period in 2008.
FirstBank of Avon’s total assets as of June 30 were $380.2 million.
“FirstBank performed exceptionally well through the first half of 2009, due to our focus on quality loan acquisition, consistent deposit growth and our continued ability to attract new customers,” said John A. Ikard, president and CEO of FirstBank Holding Company. “Concentrating on our core business has allowed us to better serve our customers and deliver value to our shareholders.”
Ikard said that FirstBank does not originate, hold or purchase any subprime mortgage loans or securities, a fact that has helped the company avoid costly credit losses that have recently damaged some U.S. and international financial institutions. FirstBank also added two branch banks in the Denver area, and one in Gilbert, Ariz.
FirstBank operates 121 locations in Colorado, seven in Arizona and five in California. It is the largest locally owned banking organization in Colorado, with more than 600,000 customers. A majority of its stock is owned by management and employees. For more information, go to http://www.efirstbank.com.