Equity Bancshares in Wichita, Kan., is planning to enter Oklahoma after announcing agreements to buy two banks.
The $2.4 billion-asset Equity said in a press release Monday that it will buy Eastman National Bancshares in Newkirk and Cache Holdings in Tulsa in separate cash-and-stock deals. The acquisitions are expected to close in the fourth quarter.
Equity agreed to pay $46.6 million for the $254 million-asset Eastman. It will pay $50.5 million for Cache, the parent of the $320 million-asset Patriot Bank of Tulsa.
“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,” Brad Elliott, Equity’s chairman and CEO, said in the release. “Eastman and Patriot are no exception.”
Equity has completed five acquisitions since its November 2015 initial public offering.
Equity was advised by Stephens Inc. and Norton Rose Fulbright US. Eastman was advised by Keefe, Bruyette & Woods and Hartzog, Conger, Cason & Neville. Cache was advised by D.A. Davidson and McAfee & Taft.
