EQUITY BANCSHARES, INC.
PRESS RELEASE - 9/24/18
Pursuant to the terms of the Branch Purchase and Assumption Agreement, between Equity Bank and MidFirst, Equity will acquire certain loans and other branch-related assets and assume certain deposit and other liabilities associated with the MidFirst branches. Equity Bank will pay a deposit premium of 6% subject to certain adjustments and limitations. The deposit premium will be based on the average aggregate daily closing balance of the deposits for the 15 business days prior to the closing date of the transaction.
Equity was advised by Sandler O’Neill + Partners, L.P., and was represented by Norton Rose Fulbright US LLP as legal counsel.
MidFirst was advised by Stephens Inc. and was represented by Hunton Andrews Kurth LLP as legal counsel.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the parent company of Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, and treasury management services. After the completion of the CBT merger on August 23, 2018, Equity had approximately $3.9 billion in consolidated total assets, with 49 full service locations in Kansas, Missouri, Arkansas and Oklahoma, including corporate offices in Wichita. Learn more atwww.equitybank.com.
Equity provides an enhanced banking experience for customers through a suite of sophisticated banking products and services tailored to their needs, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NASDAQ Global Select Market under the symbol “EQBK.”
About MidFirst Bank
With more than $15 billion in assets, Oklahoma City-based MidFirst Bank ranks as one of the largest privately owned banks in the country. MidFirst Bank has banking centers in Oklahoma, Arizona, California, Colorado, and Texas, and provides commercial lending, wealth management, private banking and mortgage servicing nationally.
Special Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form10-K filed with the Securities and Exchange Commission on March 16, 2018 and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form10-Q or Current Reports on Form8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from
