Adams Dairy Bank, based in Blue Springs, will become part of a larger banking network.
Adams Dairy Bank agreed in December to sell to Wichita-based Equity Bancshares Inc. for a reported $15.8 million. The deal is expected to close in spring of 2018.
Before the merger announcement, Adams Dairy Bank was named as a 2018 25 Under 25 honoree.
The acquisition makes it part of a bank with about $3 billion in assets and will give Adams Dairy Bank a higher lending limit. At the end of the third quarter of 2017, Adams Dairy Bank had total assets of $127 million, loans of $91 million and $102 million in deposits.
After the merger, Equity will operate seven bank offices in its Kansas City market: the Blue Springs location; three in Lee’s Summit; two in Overland Park; and one in Kansas City, Mo. Equity’s Kansas City market will be the company’s largest in terms of total deposits.
Equity reported loans of $2 billion and deposits of $2.3 billion as of November 10, 2017. Equity currently has 42 full-service bank locations in Arkansas, Kansas, Missouri and Oklahoma. After completion of mergers with Adams Dairy Bank and another bank in Liberal, Kan., Equity expects to have approximately $3.5 billion in consolidated total assets, and the combined institution is expected to have approximately $2.3 billion in loans and $2.8 billion in deposits.
The banks share a commitment to entrepreneurship. David Chinnery, chairman and CEO of Adams Dairy Bank, was an EY Entrepreneur of the Year 2016 award finalist in the Central Midwest.
“Since our beginning in 2008, we’ve sought to provide a focus on local, community banking within a metropolitan area, and dedicated to our home base of customers, and we’ve done this with entrepreneurial spirit,” Chinnery said in a news release. “The local, entrepreneurial focus we pride ourselves upon is very similar to Equity, and we’re enthusiastic to add additional products and services to a client focus that will continue to set us apart in Kansas City.”
Equity’s chairman and CEO Brad Elliot echoed that sentiment.
“In the competitive Kansas City market, Adams Dairy matches up extremely well with our commercial philosophy and represents our continued dedication to entrepreneurship,” he said.