The Bank Slate


Equity in Kansas to enter new market with branch deal

Equity Bancshares in Wichita, Kan., will enter the St. Joseph, Mo., market after buying three branches from Valley View Financial in Overland Park, Kan.

The $4.3 billion-asset Equity said in a press release Monday that it will also gain the assets and deposits associated with the branches. The deal is expected to close in December.

Equity did not disclose the price it will pay.

The branches had $71.9 million of deposits in mid-2020, or roughly 3.7% market share, based on data from the Federal Deposit Insurance Corp.

“We are pleased with the opportunity to offer Equity Bank products and services to customers in northwest Missouri, and St. Joseph is a great fit within our network,” Brad Elliott, Equity’s chairman and CEO, said in the release. 

“We have been able to grow loans, fee income and our core deposit base effectively in western Missouri with a focus on local community banking and we believe this approach will serve customers well in our new St. Joseph region,” Elliott added.

Equity agreed in May to buy American State Bancshares in Wichita for $73.6 million in a deal expected to close in early October.

Leave a Reply

Your email address will not be published. Required fields are marked *