WICHITA, Kansas, Aug. 29, 2022 (GLOBE NEWSWIRE) — Equity Bank, a subsidiary of Equity Bancshares, Inc. (NASDAQ: EQBK) (“Equity Bancshares”), announced that it has entered into a definitive agreement to purchase and assumption with High Plains Bank of Okeene, Oklahoma (“High Plains”), High Plains acquiring certain assets and assuming bank deposits from Equity in Cordell, Oklahoma. High Plains and Equity expect to complete the acquisition by December 31, 2022.
“Our focus as a community bank is our customers and doing what’s right for our communities, businesses and families in our regions,” said Brad Elliott, President and CEO of Equity. “This includes working with strong community banks to ensure local bank locations continue to attract and reflect the customers they serve. We believe we have found a leadership and customer service team and a brand of trust that will continue to serve our customers at Cordell for the long term.
“We look forward to welcoming customers of the Cordell Equity Bank site to our High Plains Bank family,” said Dirk Bagenstos, President 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 are excited for the opportunity to further grow our banking organization and look forward to welcoming our new customers to 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 to Guymon, Oklahoma in 2018 with its purchase of City National Bank and Trust, and followed that merger with a purchase and branch takeover agreement with MidFirstBank, acquiring its Cordell location and a location Additional Guymon. Following the completion of the Cordell transaction, Equity will operate eight banking locations in its Oklahoma footprint.
Equity’s Cordell location has approximately $20 million in deposits. Once agreed, Equity and High Plains will work with local team members, customers and the community to ensure a seamless transition for customers. After the deal closes, the High Plains Cordell Market will include approximately $35 million in deposits, ranking 5th in Washita County, Oklahoma, according to FDIC Market Share data from S&P Global. Purchase and site support from Cordell 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, providing a full range of financial solutions, including commercial loans, retail banking, mortgages and cash management services. As of June 30, 2022, Equity Bancshares reported total consolidated assets of $5.0 billion, deposits of $4.3 billion and loans of $3.2 billion across its banking network in Arkansas, Kansas, Missouri and Oklahoma. For more information, visit www.equitybank.com.
Equity delivers an enhanced banking experience to 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 trades 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 conducts business primarily through its network of five branches in Alva, Boise City, Cordell, Keyes and Okene, Oklahoma. As of June 30, 2022, High Plains had $160 million in total consolidated assets.
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 any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus satisfying 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 Equity’s management regarding, among other things, future events and Equity’s financial performance.Such statements are often, but not always, made using words or phrases such as “may”, “should”, “could”, “predict”, “potential”, “believe”, “probably result”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate ‘, ‘intend’, ‘plan’, ‘project’, ‘anticipate’, ‘aim’, ‘target’, ‘would’ and ‘outlook’, or negative variations of these or other words comparables 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 Equity’s control. 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 they are made, 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; the effects of and changes in trade, monetary and tax policies and laws, including the Federal Reserve Board’s interest rate policies; changes in loan demand; fluctuations in the value of collateral and loan reserves; inflation, interest rates, market and currency fluctuations; changes in consumer spending, borrowing and saving habits; and acquisitions and integration of acquired businesses, and similar variables. The foregoing list of factors is not exhaustive.
For more information about these and other risks that could cause actual results to differ materially from expectations, please see the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Equity’s annual report on Form 10-K filed with the Securities and Exchange Commission. on March 9, 2022 and any updates to the risk factors disclosed in Equity’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K. Should one or more events related to these or other risks or uncertainties materialize, or should Equity’s underlying assumptions prove incorrect, actual results may vary materially from what Equity anticipates. Accordingly, you should not place undue reliance on these forward-looking statements. Any forward-looking statement speaks only as of the date it is made, and Equity undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, developments future or otherwise. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Further, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in the 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 Equity’s behalf may make.
Annualized, pro forma, projected and estimated figures are used for illustrative 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 any securities. Investors and security holders are urged to carefully review and review Equity’s public filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Proxy solicitation of proxies, its current reports on Form 8-K and its quarterly reports on Form 10-Q. Documents filed by Equity with the SEC may be obtained free of charge from Equity’s Investor Relations website at investor.equitybank.com or from the SEC’s website at www.sec. gov. Alternatively, such materials, when available, may 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, Director of Marketing
Equity Bancshares, Inc.
Equity Bancshares, Inc. Investor Contact:
Senior Vice President, Finance
Equity Bancshares, Inc.
Contact High Plains Bank:
High Plains Bank