Equity Bancshares, the parent company of Equity Bank, has signed a definitive purchase and assumption agreement to acquire the assets of MidFirst Bank’s two locations.
As per the agreement, Equity will assume all assets and deposits of Guymon and Cordell branch, both located in Oklahoma.
The announcement follows Equity’s entry into Guymon after snapping City Bank and Trust (CBT) from Docking National Bancshares.
The new acquisition, expected to close in the first quarter of 2019, will bolster Equity’s presence in the Southwest and Oklahoma regions.
Equity chairman and CEO Brad Elliott said: “We remain committed to our core strategy of supporting customers and businesses in thriving communities like Guymon and Cordell, Oklahoma.
“Along with a talented team at our recently acquired CBT Guymon location, the MidFirst bank locations and team allow us to provide additional service to the Oklahoma Panhandle and western Oklahoma regions.”
In May this year, Equity merged with Kansas Bank and expanded into Oklahoma through combinations with Cache Holdings and Eastman National Bancshares in November last year.
With the latest MidFirst bank locations, Equity entered into 19 business combinations since 2003 and nine since November 2015.
Following its merger with CBT last month, Equity has around $2.5bn in loans and $2.8bn in deposits.
Commenting on the transaction, MidFirst EVP of personal banking Stephen Ellis said: “We’re proud to find a partner in Equity dedicated to continuing our 30 years of service to the Guymon and Cordell communities.
“MidFirst is committed to the banking needs of all our Oklahoma customers, and we’re pleased that Equity Bank will continue to serve Guymon and Cordell customers with local community banking and exceptional products and service.”