Equity Bancshares acquires Almena State Bank in Kansas
Equity Bancshares has acquired all the deposits and assets of Almena State Bank for an undisclosed price, in a move to expand its presence in Kansas.
A purchase and assumption agreement was facilitated by the Federal Deposit Insurance Corporation (FDIC), said the Wichita-based holding company of Equity Bank.
Equity Bank was selected by FDIC following a competitive bidding process.
As of 30 September 2020, Almena State Bank held $66.5 million in consolidated total assets alongside deposits of $64.9 million.
Equity Bank purchased considerably all of Almena State Bank’s assets at a discount of around 30%, and had acquired $42.7 million of core deposits at a 1% premium, while assuming all of the brokered deposits at zero premium.
Brad Elliott – Chairman and CEO of Equity Bancshares said: “We’re proud to welcome new customers to the Equity Bank network. Our top priority is to work side-by-side with the community bankers who our Norton County customers trust and value, ensuring our customers don’t miss a beat.
“Equity Bank has served Kansas customers statewide since our beginning, and has a healthy balance sheet and a strong capital and liquidity position. Customers will have full access to our 51 locations, our digital banking services, and will enjoy no ATM fees on their debit cards at any ATM, anywhere.”
According to Equity Bancshares, branch locations of Almena State Bank at 500 Main Street in Almena, Kansas and 302 E. Holme in Norton, Kansas opened on 26 October 2020 as Equity Bank.
Customers of Almena State Bank will remain insured by the FDIC and will not have any interruption to their account services, and will get continued banking services as usual.
Equity Bancshares said that customers could continue to access their accounts through existing checks, ATM cards, debit cards, and online and mobile banking.
With the inclusion of Almena State Bank locations, Equity Bank holds consolidated total assets of $3.94 billion and a network comprising 51 branch locations across Kansas, Missouri, Oklahoma, and Arkansas.
In Kansas, Equity Bank has 23 branches, and its entire network will be available to customers of Almena State Bank after customers get notice of the integration of computer operating systems.