Equity Bancshares in Wichita, Kan., plans to merge its two banking units to reduce expenses.
The $594.6 million-asset Equity Bank in Wichita, and the $5.6 million-asset Signature Bank in Haddam, Kan., will be combined under the Equity name, the parent company said this week. Regulators are expected to approve the merger this quarter.
Combining the two banks should result in "increased revenue opportunities, better risk management and improved infrastructure to support company and bank strategy," Brad Elliott, Equity Bancshares's chairman and chief executive, said in a news release.
Equity Bank has agreed to buy the $637 million-asset First Community Bank of Lee's Summit, Mo. That deal is expected to close in the fourth quarter.