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 today the receipt of all required regulatory approvals to merge Pioneer and Pioneer Bank with and into FirstSun and Sunflower Bank, respectively, in an all-stock transaction. Subject to the completion of other customary closing conditions, the transaction is expected to close on April 1, after expiration of applicable waiting periods.
Pioneer received its stockholders’ approval for the merger of the companies at a special meeting of its stockholders held on September 16, 2021. Upon closing, the Board of Directors of both FirstSun and Sunflower Bank will be expanded to include certain of the directors of Pioneer and Pioneer Bank.
Following the merger, the combined company will operate under the FirstSun and Sunflower Bank trade names and will have over $7.3 billion in assets, with an expanded presence in Texas as well as a banking footprint in Arizona, Colorado, Kansas and New Mexico, and home mortgage origination capabilities in 43 states through its Guardian Mortgage division.
“We are excited to announce that we have received all approvals necessary to close our merger and we look forward to bringing FirstSun and Pioneer together as one united, even stronger company, dedicated to elevating the community banking experience in the Southwest,” said Mollie Carter, Chairman and CEO of FirstSun. “We stand ready to expand our relationships with our customers and communities in Texas.”
“Pioneer believes in the vision of FirstSun and its team. We look forward to working together to expand on that vision as we contribute our history, our people and our resources to the new combined organization,” added Ron Coben, President and CEO of Pioneer.
Stephens Inc. served as financial advisor to FirstSun and Nelson Mullins Riley & Scarborough LLP served as legal counsel. Piper Sandler & Co. served as financial advisor to Pioneer and Bracewell LLP served as legal counsel.