Equity Bancshares has agreed to acquire Kansas Bank (KBC), the parent of First National Bank of Liberal/Hugoton (FNB), and Missouri’s Adams Dairy Bancshares, the parent of Adams Dairy Bank.
KBC has four full-service branches in Liberal, Kansas and an additional branch in Hugoton, Kansas. The company reported $310m in total assets as at 30 September 2017. The takeover deal for the bank is valued at nearly $45.1m.
Adams managed assets of $127m at the end of September 2017. The acquisition of this bank is worth around $15.8m.
Under the arrangement, both KBC and Adams will merge with and into Equity. The combined entity will have around $3.5bn in assets.
The deals are expected to be completed in the second quarter of 2018, subject to regulatory and shareholder approvals.
Equity chairman and CEO Brad Elliott said: “The addition of First National Bank is key for our expanding Western Kansas footprint and represents the addition of the market leader in Southwest Kansas. In the competitive Kansas City market, Adams Dairy matches up extremely well with our commercial philosophy, and represents our continued dedication to entrepreneurship.
“Together, the mergers indicate our continued commitment to our strategy of entering stable, core deposit markets and continuing to strengthen our metropolitan presence.”