Denver, Colorado-based FirstSun Capital Bancorp, the holding company of Sunflower Bank NA, and Austin-based Pioneer Bancshares Inc., the holding company of Pioneer Bank SSB, jointly announced on May 11 that they have entered into a definitive agreement pursuant to which Pioneer Bancshares and Pioneer Bank will merge with and into FirstSun Capital Bancorp and Sunflower Bank, respectively, in an all-stock transaction. The transaction is expected to close early in October 2021. Upon closing, the board of directors of both FirstSun and Sunflower Bank will be expanded to include former directors of Pioneer Bancshares and Pioneer Bank.
On a pro forma basis as of March 31, 2021, the combined company would have more than $7 billion in total assets with over $5 billion in both loans and deposits, and more than 60 branch locations. Sunflower Bank’s expanded 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, as well as home mortgage origination capabilities in 43 states.
“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,” says Mollie Carter, chairman of FirstSun Capital Bancorp and Sunflower Bank.
“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,” says Ron Coben, president and CEO of Pioneer Bank.