FirstSun Capital Bancorp has signed a definitive agreement to acquire Pioneer Bancshares in an all-stock transaction.
The financial details of the transaction were not divulged.
As agreed, Pioneer Bank will merge with and into FirstSun’s holding company Sunflower Bank.
The combined lender will have more than $7bn in total assets and 60 branches.
About Pioneer Bancshares:
Based in Texas, Pioneer Bancshares is the bank holding company for Pioneer Bank. The bank serves all key markets across the state.
Pioneer had consolidated total assets of $1.8bn and total deposits of $1.3bn, as of 31 March 2021.
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By GlobalDataThe deal will bolster Sunflower Bank’s footprint in Texas. The lender already has a branch network in five states and mortgage capabilities in 43 states.
FirstSun and Sunflower chairman Mollie Carter said: “We are thrilled to welcome Pioneer Bank’s customers and associates to the Sunflower family.
“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.”
Pioneer president and CEO Ron Coben said: “The opportunity for Pioneer Bank to join forces with Sunflower is a uniquely exciting one. 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.”
