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Press Releases

Jan. 19, 2024

Nelson Mullins Team Represents FirstSun Capital Bancorp in HomeStreet, Inc. Merger

Nelson Mullins represented FirstSun Capital Bancorp in a transformational strategic merger with HomeStreet, Inc. coupled with a $175 million equity raise announced this week. The merger will create a premier bank operating in the nation’s best markets in the Southwest and West Coast with combined assets of approximately $17 billion, and a Dallas-headquartered bank with an extensive footprint in six of the top 10 fastest growing master service agreements in the United States.

Nelson Mullins’ representation of FirstSun was led by Brennan Ryan with assistance from Eric Graben, John Jennings, Rob Klingler, Brittany McIntosh, Ann Murray, John Willis, Brandon Hill, and Rusty Melges. Stephens Inc. served as financial advisor to FirstSun. KBW served as financial advisor and Sullivan and Cromwell LLP served as legal counsel to HomeStreet. Schulte, Roth & Zabel LLP served as legal advisor to Wellington Management. Latham & Watkins served as legal advisor to KBW.

Under the terms of the 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 which represents a value of $14.75 per share, representing a 37% premium to the closing price per share of HomeStreet Shares on Jan. 12, 2024. FirstSun also entered into investment agreements with investors to raise $175 million of common stock to support the merger, led by Wellington Management. Upon completion of the merger, the shares issued to HomeStreet shareholders are expected to comprise 22% of the outstanding shares of the combined company, the shares issued to Investors in the common stock issuance are expected to represent 14% of the combined company, and the expected remaining ownership of 64% will be held by legacy FirstSun common shareholders.

Completion of the merger is expected by mid-2024. Upon completion, the merger will create a premier regional bank with $17 billion in total assets and 129 branch locations across some of the most attractive markets in the United States. The expanded footprint complements FirstSun’s current presence in the high growth markets of the Southwest to include HomeStreet’s strong presence in Southern California, Hawaii, and other key markets in the Pacific Northwest.

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Established in 1897, Nelson Mullins is a full-service Am Law 100 firm of more than 1,000 attorneys, policy advisors, and professionals with offices across the United States. For more information, go to www.nelsonmullins.com.