Equity Bancshares (EQBK) Announces Completion of Community First Bancshares Merger
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Equity Bancshares, Inc. (Nasdaq: EQBK), parent company of Equity Bank, announced today that it has completed its acquisition of Community First Bancshares, Inc. of Harrison, Arkansas, and the merger of Community First Bank with and into Equity Bank, pursuant to the terms of its definitive agreement announced in July 2016, effective November 10, 2016. The CFBI merger is Equity’s tenth strategic transaction in the past 14 years.
“We are pleased to recognize the hard work, diligence, and planning of our Equity employees, including the teams in our new Arkansas locations. Combined, our company is strong and will be a great resource to our Ozark Mountain customers, communities, and employees,” said Brad Elliott, Chairman and CEO of Equity. “To Equity Bank Arkansas customers, little has changed. The faces you count on, the products you value, and above all, our commitment to local communities remain strong. We proudly still put community first.”
With completion of the transaction, Equity now has $2.0 billion in assets, including $1.3 billion in loans, $1.6 billion in deposits, and 34 locations throughout its footprint spanning Kansas, Missouri, and Arkansas.
As part of the agreement, Jerry P. Maland and Dan R. Bowers will join Equity’s Board of Directors. Locally in Arkansas, Ann B. Main is market leader of Equity’s Ozark Mountain region, David C. Morton will serve as Arkansas CEO, and Danny Criner is Chief Credit Officer of Arkansas.
“We’ve been fortunate to combine with strong, sound, community banks that prioritize local decision making, commitment to local communities, and innovative products and services,” said Elliott. “Additionally, our teams worked tirelessly to complete the Equity and CFBI combination quickly, which is crucial to local employees, local customers, and local communities, and different than most combinations in the industry. Together, we’ll work to continue to provide value to our customers and communities.”
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