FirstSun Capital Bancorp (FSUN) entered a merger agreement on October 27, 2025, to acquire First Foundation Inc. (FFWM) in an all-stock deal valued at $1.44 billion.
The companies will combine in an all-stock transaction in which First Foundation common and preferred stockholders will receive 0.16083 of a share of FirstSun common stock for each share of First Foundation common stock.
The consideration implies the value of $6.46 per First Foundation share, which is at a 16.35% premium from the stock’s last close.
First Foundation is a financial services company offering personal and business banking, as well as private wealth management solutions across California, Nevada, Texas, Hawaii, and Florida. The company manages roughly $12.6 billion in total assets.
FirstSun is a Denver-based financial holding company for Sunflower Bank, offering a full range of personal, business, and wealth management banking services through branches across seven states and mortgage operations in 43 states, with total assets of approximately $8.5 billion.
Following the closing of the transaction, expected to occur early in the second quarter of 2026, the combined holding company and bank will operate under the FirstSun and Sunflower Bank names, respectively.
First Foundation warrant holders will exercise their warrants early and, as part of the merger, will receive FirstSun stock and a total of $17.5 million in cash.
FirstSun stockholders will own approximately 59.5% of the combined company, and First Foundation stockholders will own about 40.5%.
FirstSun’s Executive Chairman Mollie Carter, CEO Neal Arnold, and CFO Rob Cafera will continue in their current roles at the combined company. First Foundation CEO Tom Shafer will become Vice Chairman of the combined company. In addition, five current First Foundation directors will join the combined company’s board.
The combined company is expected to have total assets of roughly $17 billion, with approximately $6.8 billion in assets under management.
Jefferies served as financial advisor, and Alston & Bird served as legal counsel to First Foundation. Stephens acted as financial advisor, and Nelson Mullins Riley & Scarborough served as legal counsel to FirstSun.
FirstSun Capital is paying 0.42 times the tangible book value for First Foundation.
For a more detailed examination of this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of First Foundation Inc. (FFWM) by FirstSun Capital Bancorp (FSUN)
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– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article