The parent company of Equity Bank is planning to merge with two Oklahoma-based banks.
Equity Bancshares said that it has entered into definitive merger agreements with the parent companies of Patriot Bank in Tulsa and The Eastman National Bank in Newkirk.
“Each time we partner with a strong, local community bank, we’re fortunate to work alongside a group of bankers who match up with our philosophy of strong credit culture, significant community involvement, and commitment to our customers,” said Brad Elliott, chairman and CEO of Equity. “Eastman and Patriot are no exception. We’re pleased to welcome employees and leadership with similar values to ours.”
Equity is headquartered in Wichita, but maintains an active presence in the Kansas City market. It also is the largest of the three entities involved in the mergers.
After the mergers are completed – which should occur sometime in the fourth quarter of this year – Equity is expected to have $3.01 billion in consolidated total assets, up from $2.40 billion, and $2.08 billion in loans and $2.29 billion in deposits.
The bank will also grow from 37 branches to 42, operating across four states: Missouri, Kansas, Arkansas and Oklahoma. (The last one represents an expansion for Equity.)
The mergers are just the latest in a series for Equity. Once they’re complete, the venture will have completed five such mergers since late 2015, when Equity held its initial public offering.
“We believe these mergers continue our model of adding markets that help build our footprint, like Ponca City and Newkirk, complemented by metropolitan areas of Kansas City, Wichita and now Tulsa,” Elliott said. “We’re proud to offer sophisticated, innovative financial products and services coupled with the customization and local decision-making customers expect from a community bank.”