Equity Bancshares Inc. (Equity), the Wichita, KS-based holding company of Equity Bank, on December 21 announced the closing of a private placement of $35.4 million of common stock, at the price of $32.50 per share to certain institutional investors.
The private placement consisted of $25.0 million of primary shares issued by Equity and $10.4 million of secondary shares sold by funds affiliated with Patriot Financial Partners, L.P., and Endicott Management Company.
All shares were sold on the same terms and the selling price was $32.50 per share, and Equity issued 770,000 new shares of common stock.
Proceeds from the private placement will be used for the pay down of Equity’s line of credit and to provide working capital for growth strategies.
On November 10, 2016, $2 billion asset Equity completed its merger with Community First Bancshares Inc. of Harrison, adding five branches to the Equity footprint.
Equity also announced on October 21, 2016, a definitive agreement to merge with Prairie State Bancshares Inc. of Hoxie, KS, and its three western KS branches, subject to customary closing conditions including the receipt of regulatory approval. These two mergers follow Equity’s IPO in November 2015 and Equity’s acquisition of First Independence Corporation and its subsidiary First Federal Savings and Loan of Independence, MO, in October 2015