Equity Bancshares, the parent company of Equity Bank, is set to bolster its footprint in the state of Kansas with a new acquisition.
The company entered into a definitive merger agreement to acquire American State Bancshares (ASB) in a deal valued at $73.6m.
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As agreed, ASB will merge into Equity Bank. It will add American State Bank & Trust’s 17 locations in Kansas to Equity Bank’s branch network.
Additionally, the transaction is expected to be around 15.9% accretive to Equity’s 2022 earnings per share.
The deal is expected to close in early October 2021.
Equity chairman and CEO Brad Elliott said: “American State Bank & Trust is an excellent community bank, and its leadership and customer bases share a like mind with ours, valuing customised personal service, and entrepreneurial spirit.
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By GlobalData“Kansas is home to numerous, thriving communities with customers who desire a community banking approach, and our institutions match up well in terms of mindset and geographic fit.
“As we welcome new customers in strong markets in north, central and southwest Kansas, we’re eager to serve alongside the dedicated leadership and employees of American State Bank & Trust.”
Once the deal closes, Equity will have 42 locations in Kansas and 69 overall.
Equity Bank offers an array of services including commercial loans, consumer banking, mortgage loans and treasury management services.
The lender had around $4.2bn in consolidated total assets, as of 31 March 2021.
