WICHITA, Kan., December 6, 2021 (GLOBE NEWSWIRE) – Equity Bank, a subsidiary of Equity Bancshares, Inc. (“Equity” or the “Company”), has announced that it has entered into its purchase and purchase agreement. charge on December 3, 2021, by acquiring the assets and taking over the deposits of three bank locations in St. Joseph, Missouri from the Security Bank of Kansas City (“Security Bank”), a subsidiary of Valley View Bancshares, Inc. of Overland Park, Kansas. Equity announced the entry into the St. Joseph, Missouri market on July 19, 2021.
“St. Joseph is a perfect fit for our growing Equity Bank network,” said Brad Elliott, President and CEO of Equity. “We are excited to add banking locations to our footprint in Northern Missouri, and we believe our local leadership and focus on our St. Joseph clients will appeal to a wide range of businesses and families in the area.
“Our strategy positions us to offer community banking services in all of our locations with a sophisticated set of products and technologies, increased lending capacity, with the local dedication and expertise that regional customers trust,” said Mr. Elliott. “Our personalized business banking solutions and entrepreneurial focus attract growing business clients, and our innovative consumer products and community engagement are great resources for our clients throughout our equity footprint, including St. Joseph. “
Equity Bank’s three branches in St. Joseph are located at 602 Edmond Street, 401 N. Woodbine Road and 5348 Lake Avenue. Josh Means, president of Equity of Western Missouri, will oversee branches of St. Joseph Bank, as well as eight branches in the Western Missouri community. Equity will operate a total of 16 branches in Missouri, including five bank branches on the Missouri side of the Kansas City metro area.
Equity expanded to Missouri in 2007 with the acquisition of a banking charter in Sarcoxie, Missouri, before opening a loan production office in Lee’s Summit, Missouri. Equity acquired First Community Bancshares, Inc. of Overland Park, Kansas and its 11 Missouri locations in October 2012, and acquired Adams Dairy Bancshares, Inc. of Blue Springs, Missouri in May 2018. Since entering the west of Missouri in 2012, Equity saw growth in customer deposits and loans. As of September 30, 2018, Equity’s West Missouri region deposits were $ 496.7 million, compared to $ 615 million as of September 30, 2021. Total Loans in Equity’s West Missouri region was $ 153.4 million as of September 30, 2018, compared to $ 208.4 million as of September 30, 2018. as of September 30, 2021.
Equity recently completed a merger with American State Bancshares, Inc. (“ASBT”) on October 1, adding locations of the $ 780 million asset bank headquartered in Wichita, Kansas to its footprint in Kansas. Equity’s franchise now includes 70 branches in four states and approximately $ 5.0 billion in assets.
Pursuant to the terms of the branch purchase and takeover agreement between Equity Bank and Security Bank, Equity Bank acquired certain loans and other branch related assets, and assumed certain deposits and other liabilities associated with branches of the Security Bank.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the parent company of Equity Bank and provides a full range of financial solutions, including business loans, consumer banking, mortgages, and cash management services.
Equity provides an enhanced banking experience for clients through 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 shares trade on the NASDAQ Global Select Market under the symbol “EQBK”. Learn more at www.equitybank.com.
About the Kansas City Security Bank
Security Bank is a full-service bank founded in 1933 and based in Kansas City, Kansas. Security Bank had total consolidated assets of $ 3.6 billion as of March 31, 2021 and 43 bank branches in and around the Kansas City metro area.
No offer or solicitation
This press release does not constitute an offer to sell, a solicitation of an offer to sell, or a solicitation or an offer to buy any securities. There will be no sale of securities in a jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of that jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended.
Special Note Regarding 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 the management of Equity with respect to, among other things, future events and the financial performance of Equity. These statements are often, but not always, made using words or phrases such as “may”, “should”, “could”, “could”, “predict”, “potential”, “believe”, “Will probably result”, “” expect “,” continue “,” want “,” anticipate “,” seek “,” estimate “,” intend “,” plan “,” plan “, “Anticipate”, “objective”, “target”, “would” and “outlook” or negative variations of these or other comparable words of a future or prospective nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections regarding Equity’s industry, the beliefs of management and certain assumptions made by management, many of which by their nature. , are inherently uncertain and beyond the control of Equity. Therefore, Equity cautions you that these 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 of their publication, actual results may differ materially 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; effects and changes in trade, monetary and fiscal policies and laws, including the Federal Reserve’s interest rate policies; changes in demand for loans; fluctuations in the value of collateral and credit reserves; inflation, interest rates, market and currency fluctuations; changes in consumption, borrowing and saving habits; and acquisitions and integration of acquired businesses, and similar variables. The foregoing list of factors is not exhaustive.
For a discussion of these and other risks that may cause actual results to differ from expectations, please see “Caution Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report. on Form 10-K filed with the Securities and Exchange Commission. on March 9, 2021 and any updates to those risk factors set out in Equity’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K. If one or more events relating 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. Therefore, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity assumes no obligation to publicly update or revise 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 impossible for us to predict these events or how they might affect us. Further, 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 forward-looking statements. . All forward-looking statements, express 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 behalf of Equity may make.
Annualized, pro forma, projected and estimated figures are used for illustration purposes only, are not forecasts and may not reflect actual results.
Important additional information
This communication does not constitute an offer to sell or the solicitation of an offer to buy securities. Investors and security holders are urged to carefully review and review the public documents filed by Equity with the SEC, including, but not limited to, its annual report on Form 10-K, its declaration of power of attorney, its current reports on Form 8-K and its quarterly reports on form. 10-Q. Documents filed by Equity with the SEC can be obtained free of charge from the Equity Investor Relations website at Investor.equitybank.com or from the SEC website at www.sec. gov. Alternatively, these documents, when available, can be obtained free of charge from Equity upon written request to Equity Bancshares, Inc., Attn: Investor Relations, 7701 East Kellogg Drive, Suite 300, Wichita, Kansas 67207 or by calling (316) 612-6000.
John J. Hanley
SVP, Marketing Director
Equity Bancshares, Inc.
Senior Vice President, Finance
Equity Bancshares, Inc.