Equity Bancshares to merge with Community First, buy Prairie State
Equity expects the transaction to close on November 10, 2016, pending Equity stockholder approval and CFBI shareholder approval.
Equity also announced it has entered into a definitive merger agreement to acquire all the common stock of Prairie State Bancshares, headquartered in Hoxie, Kansas, the holding company of State Bank.
Prairie conducts business through three State Bank branches located in Hoxie, Grinnell, and Quinter, Kansas.
Following the consummation of the transaction, State Bank will merge with and into Equity Bank, subject to receipt of customary regulatory approvals and closing conditions, including Prairie shareholder approval. The merger is expected to be completed in the first quarter of 2017.
As of June 30, 2016, Prairie had consolidated total assets of $149 million, $135 million in loans, and $129 million in deposits.
According to FDIC data as of June 30, 2016, Prairie ranks No. 1 in deposit market share in Sheridan County, Kansas, and No. 2 in market share in Gove County, Kansas. Following completion of the merger, Prairie’s three branches will become Equity Bank branches.
Equity also reported its unaudited results for the nine months ended September 30, 2016, including net income allocable to common stockholders of $9.0 million, a 17.6% increase, compared to net income allocable to common stockholders of $7.6 million for the nine months ended September 30, 2015. ■