Equity Bancshares, Inc. completed the acquisition of KansasLand Bancshares, Inc.
July 01, 2024
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Equity Bancshares, Inc. (NYSE:EQBK) entered into an agreement and plan of merger to acquire KansasLand Bancshares, Inc.for $0.1 million on April 18, 2024. The merger consideration is subject to downward adjustment if Kansasland does not deliver at least $0.25 million of tangible common equity, as adjusted and calculated in accordance with the terms of the Agreement. For the year ended December 31, 2023, KansasLand reported total assets of $54.457 million, total liabilities of $51.499 million, net loss of $0.611 million and net assets of $2.958 million. Completion of the Merger is subject to certain customary conditions, including, among others, (i) subject to certain exceptions, the accuracy of the representations and warranties of each party, (ii) performance in all material respects by each party of its obligations under the Agreement, (iii) the delivery of required closing documents, (iv) receipt of required regulatory and other third-party consents or approvals, and (v) the absence of any statute, rule, regulation, order, injunction or other action prohibiting the consummation of the Merger. The Company?s obligation to complete the Merger is also subject to, among other things, Kansasland?s Adjusted Equity being at least $0.25 million. Kansasland?s Board of Directors and EQBK Board has approved the Agreement and the transactions contemplated thereby. As of May 9, 2024, transaction is expected to close in the second quarter of 2024. As of June 18, 2024, The transaction is expected to close in July 2024, subject to the satisfaction or waiver of customary closing conditions. Robert Minter of Minter and Pollack acted as legal advisor and CC Capital Advisor, Inc acted as a financial advisor to Kansasland.
Equity Bancshares, Inc. (NYSE:EQBK) completed the acquisition of KansasLand Bancshares, Inc. on July 1, 2024.
Equity Bancshares, Inc. is a bank holding company for Equity Bank (the Bank). The Bank provides a range of financial services primarily to businesses and business owners as well as individuals through its network of approximately 74 locations in Kansas, Missouri, Arkansas, and Oklahoma. The Bankâs operations involve the delivery of loan and deposit products to its customers. The Bank offers commercial loans, consumer banking, mortgage loans, trust and wealth management services, treasury management service and other services. The Bank offers a suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, mobile banking solutions for iPhone and Android phones, including remote check deposit with mobile bill pay. In addition, the Company offers commercial treasury management services, wire transfer, automated clearing house (ACH) origination and stop payments.