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FIRST WESTERN FINANCIAL REPORTS SALE OF REAL ESTATE OWNED

 LAS VEGAS, June 9 /PRNewswire/ -- First Western Financial Corp. (NASDAQ: FWES) sold its major piece of real estate owned (known as the Coral Garden Apartments) on June 3, 1993, announced Anne Bacon, president and chief executive officer. The company realized a gain, net of tax, of about $1.2 million on the sale and reduced its real estate owned by about $13 million, or 87 percent.
 First Western acquired and developed this 670-unit multifamily complex prior to the enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA"). With the passage of FIRREA, insured institutions are required to divest themselves of investment real estate by July 1, 1994, regardless of the profitability of such real estate. In addition, First Western Bank was required to deduct an increasing percentage (40 percent at March 31, 1993) of the book value of investment real estate from risk-based capital. Accordingly, the sale of this complex will positively impact risk-based capital both from the resultant net earnings and reduction of investment real estate.
 -0- 6/9/93
 /CONTACT: Catherine A. Sourk of First Western Financial Corp., 702-871-2000/
 (FWES)


CO: First Western Financial Corp. ST: Nevada IN: FIN SU: RLE

JB-EH -- LA016 -- 0173 06/09/93 12:55 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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