Kansas-based Sunflower Financial and Colorado-based First Western Financial has struck a definitive merger agreement.
The merged entity will possess banking assets worth about $2.5bn and almost $5.5bn in trust and investment assets under management.
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The combined bank will operate with 45 offices in the US states of Colorado, Kansas, Missouri, Wyoming, Arizona and California.
Mollie Hale Carter, who serves as the chairman and CEO of Sunflower, will be appointed in the role of executive chairman of the holding company.
Scott Wylie, chairman and CEO of First Western, will join the combined bank and investment management subsidiary as the chairman and CEO, and will also serve as the CEO and president of the holding company.
The combined bank will retain select directors from both the companies, while also hiring new ones.
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By GlobalDataFinancial terms of the merger have not yet been disclosed, though the transaction has received the go-ahead from the board of directors of both companies.
The closure of transaction is scheduled for the first quarter of next year, subject to shareholder and regulatory approval as well as other customary conditions.
