Submitted
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 that they have entered into a definitive agreement pursuant to which Pioneer and Pioneer Bank will merge 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 over $7 billion in total assets with over $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 United States.
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 transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.
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, including receipt of regulatory approvals and Pioneer shareholder approval.
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."
"The opportunity for Pioneer Bank to join forces with Sunflower is a uniquely exciting one," said Ron Coben, President and CEO of Pioneer. "The combined institution brings together two strong, growth-oriented banks that will provide a more competitive platform to our communities in Austin, Houston, Dallas, San Antonio and our markets in between."
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.
About FirstSun Capital Bancorp
FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, N.A., which operates as Sunflower Bank, First National 1870 and Guardian Mortgage. Sunflower Bank provides a full range of relationship-focused services to meet personal, business and wealth management financial objectives, with a branch network in five states and mortgage capabilities in 43 states. FirstSun had total consolidated assets of $5.3 billion as of March 31, 2021.
First National 1870 and Guardian Mortgage are divisions of Sunflower Bank. To learn more, visit SunflowerBank.com, FirstNational1870.com or GuardianMortgageOnline.com.
About Pioneer Bancshares, Inc.
Pioneer Bancshares, Inc. is the bank holding company for Pioneer Bank, SSB, an Austin-based community bank that lives and breathes Texas by serving markets, large and small, across the state, including Austin, Houston, Dallas, San Antonio, and Waco. At March 31, 2021, Pioneer reported consolidated total assets of $1.8 billion and total deposits of $1.3 billion. Visit Pioneer.Bank to learn more.