Sunflower, First Western announce plan to merge

DENVER — Kansas-based Sunflower Financial Inc. and Denver-based First Western Financial Inc. said Tuesday they plan to merge.

The new company will have approximately $2.5 billion in bank assets and $5.5 billion in trust and investment assets under management.

Financial terms of the merger were not disclosed.

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A name for the merged company has not yet been determined, spokesman Mark Grant said. He added thawt a single headquarters site has not been determined either, but the company most likely will maintain offices in Denver and Salina, Kansas. “All that will be worked out at a future date,” he said.

The transaction has been approved by the board of directors of both Sunflower and First Western and is expected to close in first quarter 2015, subject to shareholder and regulatory approval and other customary conditions.

In Colorado, Sunflower has locations in Longmont, Denver, Monte Vista, Pueblo, Canon City and Greenwood Village, while First Western has locations in Fort Collins, Boulder and Denver. The combined banking footprint will include 45 offices in Colorado, Kansas, Missouri, Wyoming, Arizona and California.

Mollie Hale Carter, chairman and chief executive of Sunflower, will serve as executive chairman of the holding company. Scott Wylie, chairman and CEO of First Western, will be the chairman and CEO of the combined bank and investment management subsidiary, as well as CEO and president of the holding company.

The combined board of directors will be made up of select directors from Sunflower and First Western, plus new directors to be named later.

Sunflower Financial is a bank holding company with $1.7 billion in total assets, $1.3 billion in deposits and $187 million of equity capital as of June 30, and is the parent company of Sunflower Bank. The bank has been serving commercial and consumer clients in Kansas, Missouri and Colorado communities since 1892.

First Western Financial is a bank holding company with $648 million in total assets, $522 million of deposits and $4.8 billion of trust and investment assets under management as of June 30. It is the parent company of First Western Trust Bank and First Western Capital Management. First Western provides private banking and wealth management services through local boutique banking offices in Colorado, Wyoming, Arizona and California.

Keefe Bruyette & Woods Inc. served as financial adviser to Sunflower and First Western; Raymond James Financial Inc. provided a fairness opinion to First Western. Nelson Mullins Riley Scarborough LLP served as legal counsel for Sunflower, and Hogan Lovells served as legal counsel for First Western.