FirstSun Capital Bancorp | Stephens

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Financial Advisor & Fairness Opinion

FirstSun Capital Bancorp

$286 Million 01/16/2024 Financial Institutions Complete
Public Companies
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Transaction Details

On January 16, 2024, FirstSun Capital Bancorp (“FirstSun”) (OTCQX: FSUN) and HomeStreet, Inc. (“HomeStreet”) (NASDAQ: HMST), jointly announced that they have entered into a definitive merger agreement.

The companies will combine in an all-stock transaction in which HomeStreet shareholders will receive 0.4345 of a share of FirstSun common stock for each share of HomeStreet common stock. The combined entity is expected to be listed on the NASDAQ upon closing.

FirstSun will be the acquirer and HomeStreet and HomeStreet Bank will merge with and into FirstSun and Sunflower Bank, respectively.

The merger will create a premier regional bank with ~$17 billion in total assets and 129 branch locations.

FirstSun also announced today that it has entered into investment agreements. In aggregate, $175 million of common stock will be issued, $80 million of which will be issued immediately following today’s merger announcement, and the remaining $95 million of which will be issued concurrently with, and subject to, closing of the merger.

Sources: Company Press Release, Company Investor Presentation, S&P Global Market Intelligence, FactSet. Note: TCE=Tangible Common Equity, TBV=Tangible Book Value, TA=Tangible Assets.
  1. (1) Pro forma financials are estimated close and include the impact of purchase accounting and other merger-related adjustments.
    (2) Crossover method used.

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    For a printable version of this announcement, click here.