FirstSun Capital Bancorp-Pioneer Bancshares deal receives regulatory approvals

Denver-based FirstSun Capital Bancorp and Austin, Texas-based Pioneer Bancshares Inc. announced the receipt of all required regulatory approvals to merge Pioneer and Pioneer Bank SSB with and into FirstSun and Sunflower Bank NA, respectively, in an all-stock transaction.

Subject to the completion of other customary closing conditions, the deal is expected to close on April 1 after the expiration of applicable waiting periods.

Pioneer received its stockholders' approval for the merger of the companies at a special meeting held Sept. 16, 2021. Upon closing, the board of FirstSun and Sunflower Bank will be expanded to include certain directors of Pioneer and Pioneer Bank.

Following the merger, the combined company will operate under the FirstSun and Sunflower Bank trade names. It will have more than $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, according to a news release.

Stephens Inc. was financial adviser to FirstSun, and Nelson Mullins Riley & Scarborough LLP acted as legal counsel. Piper Sandler & Co. served as financial adviser to Pioneer, and Bracewell LLP was legal counsel.