Equity continues buying spree with Oklahoma branch deal
Equity Bancshares in Wichita, Kan., has agreed to buy three branches from MidFirst Bank in Oklahoma City.
The $3.9 billion-asset Equity said in a press release Monday that it will buy the assets and deposits of two branches in Guyman, Okla., and one office in Cordell, Okla. The transaction is expected to close in the first quarter. Equity did not disclose the price it will pay.
Equity recently entered Guymon by acquiring City Bank and Trust in a deal that closed on Aug. 23.
Equity has completed 18 acquisitions since 2003, including nine since going public in November 2015.
The MidFirst branches will give Equity about $100 million in deposits and $7 million in loans. Equity will have 52 branches and $2.9 billion in deposits after the deal closes.
“We remain committed to our core strategy of supporting customers and businesses in thriving communities like Guymon and Cordell,” Brad Elliot, Equity’s chairman and CEO, said in the release. “Our focus as a company includes the continued addition of stable, core deposit markets in diverse communities, with a track record of commitment to local customers and local decision making, while ensuring a cultural fit.”
Sandler O’Neill and Norton Rose Fulbright US advised Equity. Stephens and Hunton Andrews Kurth advised MidFirst.