Denver’s FirstSun Capital Bancorp is acquiring Pioneer Bancshares, Inc., and Pioneer Bank in Austin, Texas.
The combined company will have more than $7 billion in total assets with more than $5 billion in both loans and deposits, and more than 60 branch locations. This combination will bring FirstSun’s Sunflower Bank an expanded presence in Texas, along with its footprint in Arizona, Colorado, Kansas and New Mexico.
The deal, terms of which were not disclosed, is set to close in early October. Directors from Pioneer will join FirstSun’s board after it closes.
“We are thrilled to welcome Pioneer Bank’s customers and associates to the Sunflower family,” said Mollie Carter, chair of the $5.3 billion 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 $1.8 billion Pioneer currently has $1.1 billion in net loans and leases, $1.3 billion in deposits and 19 branches in Texas.
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.