Spencer T. Cohn will become Castle Creek’s board level representative at the Company after the merger closes.
Castle Creek Capital, a private equity firm focused on investments in the community banking industry, today announced an agreement to invest $30 million in FirstSun Capital Bancorp (the “Company” or “FirstSun”), alongside other investors, to fund the Company’s announced merger with HomeStreet, Inc. (“HomeStreet”). Spencer T. Cohn will become Castle Creek’s board level representative at the Company after merger close. The transaction remains subject to customary closing conditions including required regulatory and stockholder approvals.
Founded in 1892, FirstSun offers a full range of specialized financial services to business customers as well as relationship-focused services to meet personal, business and wealth management financial objectives for its customers, with a branch network in Texas, Kansas, Colorado, New Mexico, Arizona and Washington and mortgage banking capabilities in 43 states. This new investment will help fund FirstSun’s acquisition of HomeStreet and support its continued organic growth in new and existing geographies. Neal Arnold will continue to lead the Company as CEO with the same team of employees and leadership supporting FirstSun’s next phase of growth.
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“FirstSun has built a strong reputation as a dependable, best-in-class community bank specializing in commercial services in key growth western markets”
“FirstSun has built a strong reputation as a dependable, best-in-class community bank specializing in commercial services in key growth western markets,” said Tony Scavuzzo, Managing Principal at Castle Creek Capital. “We believe that FirstSun has the scale, platform and management team to become a leading regional bank under the leadership of Neal, and we are excited to help them execute on their M&A strategy.”
“Here at FirstSun, we pride ourselves on being a top performing regional bank,” said Neal Arnold, CEO of FirstSun. “As such, it was extremely important for our team to find a sophisticated and experienced capital partner who shares our growth values, entrepreneurial spirit and drive for shareholder return. We are thrilled to partner with Castle Creek as we pursue M&A to expand our geographic reach, enhance our product offerings and further invest in our markets and stakeholders. We’ll do this while continuing to provide the exceptional service that FirstSun is known for. Castle Creek is a great cultural fit with our team, and we believe their support for this transaction validates the investment merits of the business combination. We look forward to continuing to work collaboratively with Castle Creek in the future,” added Arnold.
Sidley Austin LLP acted as legal counsel to Castle Creek Capital.
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