Sunflower Financial, which operates Salina, Kansas based Sunflower Bank has announced they will merge with Texas based Strategic Growth Bancorp.
The corporate headquarters of the combined community bank company will be in located in Denver, but maintain substantial office functions remaining in Salina, New Mexico and Texas locations.
The combined company will have banking assets of about $3 billion and have more than 60 offices in Colorado, Kansas, Missouri, New Mexico and Texas.
Sunflower Bank officials say both groups operate relationship-focused community banks.
After the merger, the combined assets of the holding company is expected to be the third largest Colorado-headquartered bank.
Officials said that the current CEO of Sunflower, Mollie Hale Carter, will serve as CEO and President of the new holding company and CEO of the bank.
William D. Sanders, the Chairman of SGB will serve as Co-Chairman and Chairman of First National Bank of Santa Fe and Capital Bank, will be the COO of the holding company with responsibility for the mortgage and wealth management businesses and Interim President of the bank. The Board of Directors of the combined holding company will have 10 members, comprised of an equal number of appointments from Sunflower and SGB.
No financial terms have been disclosed, but the transaction was unanimously approved by the board of directors of both Sunflower and SGB as well as by the required vote of their respective shareholders and is expected to close in the first quarter of 2017, subject to federal regulatory approval.