Equity Bank, a subsidiary of Equity Bancshares, Inc. (NASDAQ: EQBK)
(“Equity Bancshares”), announced its entry into a definitive
purchase and assumption agreement with High Plains Bank of Okeene,
Oklahoma, (“High Plains”) with High Plains acquiring certain assets
and assuming deposits of Equity’s bank location in Cordell,
Oklahoma. High Plains and Equity anticipate completing the
acquisition by December 31, 2022.
“Our focus as a community bank is our customers, and doing what
is right for our communities, businesses, and families in our
regions,” said Brad Elliott, Chairman and CEO of Equity. “This
includes working with strong community banks to ensure that local
bank locations continue to appeal to and reflect the customers they
serve. We believe we’ve found a leadership and customer service
team as well as a trusted brand that will continue to serve our
customers in Cordell for the long term.”
“We’re eager to welcome customers from Equity Bank’s Cordell
location to our High Plains Bank family,” said Dirk Bagenstos,
Chairman and CEO of High Plains. “High Plains is similar to Equity
in that we prioritize local decision making and products and
services specifically for our customers. We’re pleased to have the
opportunity to further grow our banking organization and look
forward to welcoming our new customers in Cordell and Washita
County.”
Equity Bank is located in Cordell at 110 E. First Street. Equity
entered Oklahoma in 2017 with the Company’s acquisitions of the
holding companies of Eastman National Bank in Ponca City, Oklahoma,
and Patriot National Bank in Tulsa, Oklahoma. Equity added an
additional market in Guymon, Oklahoma in 2018 with its purchase of
City National Bank and Trust, and followed that merger with a
branch purchase and assumption agreement with MidFirstBank,
acquiring its Cordell location and an additional Guymon location.
After completion of the Cordell transaction, Equity will operate
eight bank locations in its Oklahoma footprint.
Equity’s Cordell location has approximately $20 million in
deposits. Following completion of the agreement, Equity and High
Plains will work together with local team members, customers, and
the community to ensure a seamless transition for customers. After
closing of the agreement, High Plains’ Cordell market will include
approximately $35 million in deposits, ranking No. 5 in Washita
County, Oklahoma, according to FDIC Market Share data from S&P
Global. The purchase and assumption of the Cordell location is
subject to regulatory approval and satisfaction of customary
closing conditions.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company of Equity Bank,
offering a full range of financial solutions, including commercial
loans, consumer banking, mortgage loans, and treasury management
services. As of June 30, 2022, Equity Bancshares reported $5.0
billion in consolidated total assets, deposits of $4.3 billion and
loans of $3.2 billion in its bank network of Arkansas, Kansas,
Missouri and Oklahoma. Learn more at www.equitybank.com.
Equity provides an enhanced banking experience for customers
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
Bancshares’ common stock is traded on the NASDAQ Global Select
Market under the symbol “EQBK.”
About High Plains Bank
High Plains Bank is a subsidiary of First Keyes Bancshares, Inc.
of Keyes, Oklahoma, and principally does business through its
network of five branch facilities in Alva, Boise City, Cordell,
Keyes and Okene, Oklahoma. As of June 30, 2022, High Plains had
$160 million in consolidated total assets.
No Offer or Solicitation
This press release shall not constitute an offer
to sell, a solicitation of an offer to sell, or the solicitation or
an offer to buy any securities. There will be no sale of securities
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirement of Section 10 of the Securities Act of 1933, as
amended.
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 on March 9, 2022 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.
Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose 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 any securities. Investors and
security holders are urged to carefully review and consider
Equity’s public filings with the SEC, including but not limited to
its Annual Report on Form 10-K, its proxy statement, its Current
Reports on Form 8-K and its Quarterly Reports on Form 10-Q. The
documents filed by Equity with the SEC may be obtained free of
charge at Equity’s investor relations website at
investor.equitybank.com or at the SEC’s 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.
Media Contact:
John J. HanleySVP, Director of MarketingEquity Bancshares,
Inc.(913) 583-8004jhanley@equitybank.com
Equity Bancshares, Inc. Investor Contact:
Chris NavratilSVP, FinanceEquity Bancshares, Inc.(316)
612-6014cnavratil@equitybank.com
High Plains Bank Contact:
Dirk BagenstosChairman/CEOHigh Plains
Bank580-748-2622dirkb@hpbank.us
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