Sunflower, First Western call off bank merger
DENVER – A day after the Colorado Division of Banking approved the merger of Salina, Kansas-based Sunflower Financial Inc. and Denver-based First Western Financial Inc., the two holding companies mutually terminated their merger agreement.
Sunflower Bank’s holding company said Friday in a press release that it has stopped its planned merger with First Western.
“Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time,” Sunflower said in the release.
SPONSORED CONTENT
Ways to thank a caregiver
If you have a caregiver or know someone who has been serving as a primary caregiver, March 3rd is the day to reach out and show them how much they are valued!
The release said, “the termination of the merger agreement has been approved by the board of directors of both parties. In association with the termination, each party will release the other from all obligations with respect to the merger transaction, bear its own fees in connection with the transaction and is free to pursue other strategies.”
The deal between the two privately held bank companies was first announced in September. It was expected to create a $2.5 billion bank with branches in six states and a Los Angeles-based investment and trust business with $5.5 billion in managed assets.
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.
DENVER – A day after the Colorado Division of Banking approved the merger of Salina, Kansas-based Sunflower Financial Inc. and Denver-based First Western Financial Inc., the two holding companies mutually terminated their merger agreement.
Sunflower Bank’s holding company said Friday in a press release that it has stopped its planned merger with First Western.
“Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time,” Sunflower said in the release.
The release said, “the termination of the merger agreement has been approved by…
THIS ARTICLE IS FOR SUBSCRIBERS ONLY
Continue reading for less than $3 per week!
Get a month of award-winning local business news, trends and insights
Access award-winning content today!