Sunflower Financial in Salina, Kan., has cancelled its planned purchase of First Western Financial in Denver.

The $1.7 billion-asset Sunflower agreed in September to buy the $688 million-asset First Financial. As part of the agreement, Sunflower planned to move its headquarters to Denver.

Scott Wylie, First Western's chief executive of First Western, was set to be chairman and CEO of the post-merger company; Mollie Hale Carter, Sunflower's CEO, was expected to become executive chairman.

The price of the deal was not disclosed.

"Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders," the companies said in a joint press release Friday.

No additional details were provided. Both companies declined to comment further.

The termination comes a day after the Colorado Division of Banking approved the deal, according to the Denver Business Journal.

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