FirstSun Capital Bancorp to acquire Pioneer Bancshares
Colorado-based FirstSun Capital Bancorp, the holding company of Sunflower Bank, N.A., and Texas-based Pioneer Bancshares Inc., the holding company of Pioneer Bank, SSB, jointly announced that they have entered into a definitive agreement to merge Pioneer and Pioneer Bank with and into FirstSun and Sunflower Bank, respectively, in an all-stock transaction.
On a pro forma basis as of March 31, the combined company would have more than $7 billion in total assets with more than $5 billion in both loans and deposits and over 60 branch locations. Sunflower Bank’s expanded pro forma footprint will include some of the largest growth markets in the U.S. This combination will bring Sunflower Bank an expanded presence in Texas, along with its footprint in Arizona, Colorado, Kansas and New Mexico and home mortgage origination capabilities in 43 states.
The financial terms of the transaction were not disclosed. The transaction is expected to close early in October, subject to satisfaction of customary closing conditions. Upon closing, the board of directors of both FirstSun and Sunflower Bank will be expanded to include former directors of Pioneer and Pioneer Bank.
“We are thrilled to welcome Pioneer Bank’s customers and associates to the Sunflower family,” said Mollie Carter, chairman of FirstSun and Sunflower. “We believe the additions brought by Pioneer will complement our growing presence in Texas and will be a perfect fit with our existing customer base and relationship-driven philosophy.”