$336M Municipal Loan Sale Completed by FirstSun Capital, Funds to Cut High-Cost Deposits
FSUN sits 26% above its 52-week low of $29.95.
Summary
FirstSun Capital Bancorp has completed the sale of $336 million in municipal loans. This transaction finalizes the balance sheet repositioning strategy that was announced following its merger with First Foundation Inc. earlier this year, building on a previous $890 million loan sale in early June. The proceeds from this sale will be used to pay down high-cost deposits, which is expected to improve the company's net interest margin and overall profitability.
At the time of this announcement, FSUN was trading at $37.62 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $29.95 to $42.34. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.