On March 8, FirstSun Capital Bancorp, the holding company for Denver, Colorado-based Sunflower Bank NA, and Pioneer Bancshares Inc., the holding company for Austin-based Pioneer Bank SSB, jointly announced the receipt of all required regulatory approvals to merge Pioneer Bancshares and Pioneer Bank with and into FirstSun Capital Bancorp and Sunflower Bank, respectively, in an all-stock transaction. The transaction is expected to close on April 1, 2022, after the expiration of applicable waiting periods.
Following the merger, the combined company will operate under the FirstSun and Sunflower Bank trade names and will have more than $7.3 billion in assets. It will also acquire 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 look forward to bringing FirstSun and Pioneer together as one united, even stronger, company dedicated to elevating the community banking experience in the Southwest,” says Mollie Carter, chair and CEO of FirstSun Capital Bancorp. “We stand ready to expand our relationships with our customers and communities in Texas.”
“Pioneer believes in the vision of FirstSun and its team,” adds Ron Coben, president and CEO of Pioneer Bank. “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.”
Stephens Inc. served as financial advisor to FirstSun Capital Bancorp and Nelson Mullins Riley & Scarborough LLP served as legal counsel. Piper Sandler & Co. served as financial advisor to Pioneer Bancshares and Bracewell LLP served as legal counsel.
Established in 1892, Sunflower Bank NA operates more than 50 branches in Colorado, Arizona, Kansas, New Mexico and Texas. FirstSun Capital Bancorp had total assets of $5.7 billion as of December 31, 2021. Established in 2007, Pioneer Bank has 20 branches across Texas. As of December 31, 2021, Pioneer Bank had total assets of $1.6 billion and total deposits of $1.2 billion.