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WICHITA, Kan., Aug. 23, 2018 (GLOBE NEWSWIRE) -- Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity,” “we,” “us,” “our,” “the Company”), the Wichita-based holding company of Equity Bank, announced the closing of its acquisition of City Bank and Trust Company (“CBT,” “City Bank”) in Guymon, Oklahoma on August 23, 2018.
“We’re proud to welcome the team at City Bank as well as the customers and communities they serve. As the 18th strategic combination for our franchise, CBT is an outstanding fit for our Equity culture and for the surrounding markets we serve in Guymon, the Panhandle of Oklahoma, and Southwest Kansas,” said Brad Elliott, Chairman and CEO. “We’re pleased to complete the merger within seventy-two days of announcement and I thank all the Equity and CBT teams for their hard work and dedication.”
Equity’s four-state franchise now includes 49 full-service local bank locations in Kansas, Missouri, Arkansas and Oklahoma, with six in Oklahoma. Following the consummation of the merger, Equity has approximately $3.9 billion in consolidated total assets, including $2.5 billion in loans, and $2.8 billion in deposits.
Equity announced the merger agreement with CBT in June 2018, with an original expected closing date in early October 2018. Equity and CBT received federal and state approval for the merger in August. Equity expects the combination process to be complete in early October, including transition of computer systems, forms, customer communication, and improvements to online banking, commercial banking, and personal banking products.
Equity’s Southwest Kansas market includes four bank offices in Liberal, Kansas, and one bank location in Hugoton, Kansas. Equity’s Oklahoma footprint includes three bank offices in Ponca City, one location in Newkirk, one location in Tulsa, and one location in Guymon.
The merger with CBT was Equity’s third combination in 2018 and fifth in the past ten months. On May 4, 2018, Equity announced the simultaneous completion of mergers with Kansas Bank Corporation, parent company of First National Bank in Liberal/Hugoton, Kansas and Adams Dairy Bancshares, Inc., parent company of Adams Dairy Bank in Blue Springs, Missouri. On November 9, 2017, Equity announced the simultaneous completion of mergers with Eastman National Bancshares, Inc., parent company of Eastman National Bank in Newkirk, Oklahoma and Cache Holdings, Inc., parent company of Patriot Bank in Tulsa, Oklahoma. The mergers bring Equity’s total to 18 strategic combinations in the past 16 years and eight since the Company’s initial public offering in November 2015.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans and treasury management services. Equity has approximately $3.9 billion in consolidated total assets, with 49 full-service bank locations throughout Kansas, Missouri, Arkansas and Oklahoma, including corporate headquarters in Wichita. Learn more at www.equitybank.com.
Equity seeks to provide an enhanced banking experience for customers by providing a suite of sophisticated banking products and services tailored to their needs, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NASDAQ Global Select Market under the symbol “EQBK.”
Special Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2018 and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.
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