Kansas-based Equity Bancshares, the parent of Equity Bank, has agreed to acquire Oklahoma-based banks Eastman National Bancshares, the parent of The Eastman National Bank of Newkirk, and Cache Holdings, the parent of Patriot Bank of Tulsa, for a combined consideration of $97.1m.
The Eastman deal is valued at around $46.6m, while the Cache deal is worth nearly $50.5m.
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Both Eastman and Cache will merge with and into Equity as part of the deal. The combined entity is expected to have around $3.01bn in total assets with 42 branches across Arkansas, Kansas, Missouri and Oklahoma.
Equity currently has 37 branches across Arkansas, Kansas and Missouri and managed $2.4bn in assets at the end of March 2017.
Equity chairman and CEO Brad Elliott said: “We’re pleased to welcome employees and leadership with similar values to ours. We believe these mergers continue our model of adding markets that help build our footprint, like Ponca City and Newkirk, complemented by metropolitan areas of Kansas City, Wichita, and now Tulsa.”
The deals have already secured the nod from the boards of directors of all companies. They are expected to be completed in the fourth quarter of 2017, subject to regulatory and shareholder approvals.
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