WICHITA, Kan., October 25, 2021 (GLOBE NEWSWIRE) – Equity Bank, a subsidiary of Equity Bancshares, Inc. (NASDAQ: EQBK) (“Equity Bancshares”), today announced that it has entered into a definitive agreement purchase and assumption with United Bank & Trust in Marysville, Kansas, (“UBT”), UBT acquiring certain assets and taking over deposits from banks in Concordia, Belleville and Clyde, Kansas with Equity Bank . UBT and Equity plan to complete the acquisition in the second quarter of 2022.
“Our goal as a community bank is to do what’s right for our communities, businesses and families in our regions while delivering value to our shareholders,” said Brad Elliott, President and CEO of ‘Equity Bancshares. “Our three locations in northern Kansas will serve as a resource for consumers and businesses as part of a like-minded banking network within United Bank and Trust. We are pleased with the shareholder value as well as the added value for the customers of a fully dedicated local bank in north central Kansas.
“We are excited to add community bankers in strong communities to our footprint in northern Kansas, and we look forward to working with the teams and clients who have helped make ASBT and Equity sites a great resource for them. clients, ”said Leonard Wolfe, President / CEO of UBT Bancshares, Inc., parent company of United Bank and Trust. “We share similar qualities with Equity, in that we do what’s right for our clients, regions and team members, and we’re happy with the fit. We look forward to continuing to serve customers in our northern Kansas footprint. “
Equity Bank is located in Concordia at 302 W. 6e Street, to Clyde at 413 Washington Street, and Belleville at 1404 28e Street, which were recently branches of American State Bancshares (“ASB”). Equity completed its merger with ASB on October 1, 2021, including core system consolidation, digital platform consolidation, and bank location rebranding. About $ 60 million in deposits and $ 24 million in loans are included in Equity’s deal with UBT.
Following the completion of the merger, Equity and UBT will work collaboratively with local team members, clients and each community to ensure seamless transitions for clients. The purchase and takeover of the three branches is subject to regulatory approval and satisfaction of customary closing conditions.
“I thank the talented and dedicated bankers at Concordia, Clyde and Belleville who have helped us ensure a smooth customer experience in 2021,” said Mr. Elliott. “We continue to assess opportunities for efficiency and expansion within our four-state franchise, and this includes working with like-minded community banks to ensure an optimal fit for all ridings, including shareholders of EQBK. “
UBT Bancshares, Inc. was advised by Stinson LLP as legal counsel.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company of Equity Bank, providing a full range of financial solutions, including business loans, consumer banking, mortgages and cash management services. As of September 30, 2021, Equity reported total consolidated assets of $ 4.3 billion, deposits of $ 3.8 billion and gross loans of $ 2.7 billion in its banking network in Arkansas, Kansas , Missouri and Oklahoma. Learn more at www.equitybank.com.
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”.
About UBT Bancshares, Inc.
UBT Bancshares, Inc. is the parent company of United Bank and Trust, a community bank headquartered in Marysville, Kansas, and 14 locations in its North Central Kansas footprint. As of June 30, 2021, UBT had total consolidated assets of $ 738 million and deposits of $ 576 million.
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 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 such 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”, “predict”, “potential”, “believe”, “probably will result” “,” “Expect”, “continue”, “want”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “plan”, “foresee”, “Objective”, “target”, “want” 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. Accordingly, 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 guarantees and loan 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 could 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 caution should also be taken into account 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 proxy statement, 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.
Equity Bancshares, Inc. Investor Contact:
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United Bank & Trust / UBT Bancshares, Inc.