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Equity Bancshares, Inc. Partners with NBC Oklahoma, Adds to Oklahoma Franchise

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Equity Bancshares (NYSE: EQBK) has announced a definitive merger agreement with NBC Corp. of Oklahoma, significantly expanding its Oklahoma presence. The merger will add seven NBC locations to Equity Bank's network, doubling its Oklahoma footprint to 15 locations.

NBC Oklahoma, established in 1931, brings $908.9 million in total assets, $681.5 million in loans, and $815.3 million in deposits as of December 31, 2024. Under the agreement terms, NBC will receive approximately 80% of consideration in EQBK stock, with the merger expected to close in Q3 2025.

The combined entity will have $6.4 billion in total assets and operate 82 bank locations. The transaction is projected to be 12.5% accretive to Equity's 2026 earnings per share, with tangible book value per share dilution expected to be earned back in less than three years. NBC's Chairman Ken Fergeson will join Equity's Board of Directors and serve on the Director's Credit Committee.

Equity Bancshares (NYSE: EQBK) ha annunciato un accordo di fusione definitivo con NBC Corp. dell'Oklahoma, espandendo significativamente la sua presenza in Oklahoma. La fusione aggiungerà sette sedi NBC alla rete di Equity Bank, raddoppiando la sua presenza in Oklahoma a 15 sedi.

NBC Oklahoma, fondata nel 1931, porta con sé $908,9 milioni in totale di attivi, $681,5 milioni in prestiti e $815,3 milioni in depositi al 31 dicembre 2024. Secondo i termini dell'accordo, NBC riceverà circa l'80% del corrispettivo in azioni EQBK, con la fusione prevista per la chiusura nel terzo trimestre del 2025.

L'entità combinata avrà $6,4 miliardi in totale di attivi e opererà 82 sedi bancarie. Si prevede che la transazione sarà accrescitiva del 12,5% sugli utili per azione di Equity nel 2026, con una diluizione del valore contabile tangibile per azione che si prevede sarà recuperata in meno di tre anni. Il presidente di NBC, Ken Fergeson, entrerà a far parte del Consiglio di Amministrazione di Equity e servirà nel Comitato Crediti del Direttore.

Equity Bancshares (NYSE: EQBK) ha anunciado un acuerdo de fusión definitivo con NBC Corp. de Oklahoma, expandiendo significativamente su presencia en Oklahoma. La fusión añadirá siete ubicaciones de NBC a la red de Equity Bank, duplicando su huella en Oklahoma a 15 ubicaciones.

NBC Oklahoma, establecida en 1931, aporta $908.9 millones en activos totales, $681.5 millones en préstamos y $815.3 millones en depósitos al 31 de diciembre de 2024. Según los términos del acuerdo, NBC recibirá aproximadamente el 80% de la contraprestación en acciones de EQBK, con la fusión prevista para cerrarse en el tercer trimestre de 2025.

La entidad combinada tendrá $6.4 mil millones en activos totales y operará 82 ubicaciones bancarias. Se proyecta que la transacción será del 12.5% accretiva para las ganancias por acción de Equity en 2026, con una dilución del valor contable tangible por acción que se espera recuperar en menos de tres años. El presidente de NBC, Ken Fergeson, se unirá a la Junta Directiva de Equity y servirá en el Comité de Crédito del Director.

Equity Bancshares (NYSE: EQBK)오클라호마의 NBC Corp.와의 최종 합병 계약을 발표하며 오클라호마 내 존재감을 크게 확대했습니다. 이번 합병으로 Equity Bank의 네트워크에 NBC 지점 7개가 추가되어 오클라호마에서의 지점 수가 15개로 두 배로 증가합니다.

1931년에 설립된 NBC Oklahoma는 2024년 12월 31일 기준으로 총 자산이 9억 890만 달러, 대출이 6억 8천 150만 달러, 예금이 8억 1천 530만 달러입니다. 계약 조건에 따라 NBC는 EQBK 주식으로 약 80%의 대가를 받을 예정이며, 합병은 2025년 3분기에 완료될 것으로 예상됩니다.

결합된 기관은 총 자산 64억 달러를 보유하게 되며 82개의 은행 지점을 운영합니다. 이 거래는 Equity의 2026년 주당 순이익에 12.5%의 기여를 할 것으로 예상되며, 주당 실질 장부가치의 희석은 3년 이내에 회복될 것으로 보입니다. NBC의 회장인 Ken Fergeson은 Equity의 이사회에 합류하고 이사의 신용 위원회에서 활동할 것입니다.

Equity Bancshares (NYSE: EQBK) a annoncé un accord de fusion définitif avec NBC Corp. de l'Oklahoma, élargissant considérablement sa présence en Oklahoma. La fusion ajoutera sept emplacements NBC au réseau d'Equity Bank, doublant ainsi sa présence en Oklahoma à 15 emplacements.

NBC Oklahoma, fondée en 1931, apporte 908,9 millions de dollars d'actifs totaux, 681,5 millions de dollars de prêts et 815,3 millions de dollars de dépôts au 31 décembre 2024. Selon les termes de l'accord, NBC recevra environ 80 % de la contrepartie en actions EQBK, la fusion devant être finalisée au troisième trimestre de 2025.

L'entité combinée disposera de 6,4 milliards de dollars d'actifs totaux et exploitera 82 emplacements bancaires. La transaction devrait être accretive de 12,5 % aux bénéfices par action d'Equity pour 2026, avec une dilution de la valeur comptable tangible par action qui devrait être récupérée en moins de trois ans. Le président de NBC, Ken Fergeson, rejoindra le conseil d'administration d'Equity et siègera au comité de crédit du directeur.

Equity Bancshares (NYSE: EQBK) hat eine endgültige Fusionsvereinbarung mit NBC Corp. aus Oklahoma bekannt gegeben, die ihre Präsenz in Oklahoma erheblich erweitert. Die Fusion wird sieben NBC-Standorte zum Netzwerk von Equity Bank hinzufügen und die Anzahl der Standorte in Oklahoma auf 15 verdoppeln.

NBC Oklahoma, gegründet 1931, bringt zum 31. Dezember 2024 insgesamt 908,9 Millionen Dollar an Vermögenswerten, 681,5 Millionen Dollar an Krediten und 815,3 Millionen Dollar an Einlagen mit. Gemäß den Bedingungen der Vereinbarung wird NBC etwa 80% der Gegenleistung in EQBK-Aktien erhalten, wobei die Fusion im dritten Quartal 2025 abgeschlossen werden soll.

Die kombinierte Einheit wird 6,4 Milliarden Dollar an Gesamtvermögen haben und 82 Bankstandorte betreiben. Die Transaktion wird voraussichtlich 12,5% zur Gewinn pro Aktie von Equity im Jahr 2026 beitragen, wobei eine Verwässerung des tatsächlichen Buchwerts pro Aktie in weniger als drei Jahren wiederhergestellt werden soll. Der Vorsitzende von NBC, Ken Fergeson, wird dem Vorstand von Equity beitreten und im Kreditkomitee des Direktors tätig sein.

Positive
  • Significant expansion adding $908.9M in assets and seven new locations
  • 12.5% earnings per share accretion expected for 2026
  • Strong deposit base addition of $815.3M
  • Quick tangible book value dilution earnback period of less than 3 years
  • Experienced NBC leadership joining Equity's board
Negative
  • Initial tangible book value dilution
  • Integration risks across 7 new locations
  • Significant stock-based transaction (80%) may lead to shareholder dilution

Insights

This strategic merger represents a significant expansion for Equity Bancshares in Oklahoma, effectively doubling their footprint from 8 to 15 locations in the state. The transaction economics look compelling with 12.5% accretion to 2026 EPS and a tangible book value dilution earnback period of less than 3 years - both favorable metrics in banking M&A.

The acquisition adds $908.9 million in assets to Equity's existing $5.3 billion, creating a combined entity with $6.4 billion in assets. NBC's deposit base ($815.3 million) appears stable, primarily funding their $681.5 million loan portfolio, which suggests healthy balance sheet fundamentals.

The 80% stock consideration structure indicates confidence in EQBK shares while preserving capital. This acquisition continues Equity's proven growth-by-acquisition strategy, representing their 25th transaction since founding and 13th since their 2015 IPO. Bringing NBC's Chairman onto Equity's board and Director's Credit Committee demonstrates commitment to retaining market knowledge and ensuring continuity for customers.

For investors, this transaction checks key boxes: meaningful size (increasing total assets by approximately 17%), attractive financial metrics, expanded market presence, and leveraging Equity's demonstrated integration capabilities in a contiguous market.

This merger follows the continuing consolidation trend among regional banks seeking scale efficiencies. Equity's expansion in Oklahoma is strategically sound - rather than scattered growth, they're concentrating resources in a market where they already operate, enhancing their competitive position against larger institutions.

The complementary branch network is particularly valuable. NBC's seven locations (two in Oklahoma City, two in Altus, and others in Kingfisher, Enid, and Alva) expand Equity's service footprint without significant overlap, minimizing potential branch consolidation disruptions. The Oklahoma City presence is especially valuable as it strengthens Equity's position in a major metropolitan market.

Customer retention will benefit from NBC leadership continuing with Equity post-merger. H.K. Hatcher and local NBC leaders maintaining their roles creates continuity that typically reduces client attrition - a critical factor in preserving deal value. Additionally, the companies cite similarities in "customer and deposit mix," suggesting compatible business models that should streamline integration.

The transaction positions Equity to capture operational efficiencies through consolidated back-office functions, technology platforms, and regulatory compliance resources. With 82 total branches post-merger, Equity gains the scale to better absorb rising technology and compliance costs while maintaining community bank-style service - a balanced approach that has proven successful for growing regional institutions.

Combined Company Doubles Oklahoma Footprint, to Operate 15 Locations in State

WICHITA, Kan.--(BUSINESS WIRE)-- Equity Bancshares, Inc. (NYSE: EQBK) (“Equity” or the “Company”), the Wichita-based holding company of Equity Bank, announced today its entry into a definitive merger agreement with NBC Corp. of Oklahoma (“NBC”), the parent company of NBC Oklahoma, in Oklahoma City, Oklahoma. Equity will merge NBC into Equity, adding seven locations to Equity Bank’s current network.

"We are excited to expand our presence in Oklahoma through this strategic merger,” said Equity Bancshares, Inc. Chairman & CEO Brad Elliott. “This partnership builds on our shared commitment to the communities we serve and enhances our ability to provide exceptional financial services to the Oklahoma City metro and Altus, Alva, Enid and Kingfisher communities, a southern expansion we are excited to take on with the NBC team. The NBC franchise is similar to Equity from a customer and deposit mix standpoint. By combining our resources, expertise, and shared values, we look forward to driving growth and delivering even greater value to our customers and stockholders."

"We are pleased to join forces with Equity in this exciting new chapter,” said NBC Chairman of the Board Ken Fergeson. “In partnering with Equity Bank, we will continue to deliver the exceptional service and innovative financial solutions our clients expect, while our customers and teams benefit from expanded resources and opportunities for growth. Like NBC, Brad and the Equity team value both metro and community markets, and we are thrilled to enhance our banking services to each.”

Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, NBC will receive approximately 80% of their consideration in EQBK stock. Subject to receipt of customary regulatory approvals and closing conditions, the merger is expected to close in the third quarter of 2025. Following completion, NBC will merge with and into Equity Bank.

Established in 1931, NBC Oklahoma currently operates seven locations in Oklahoma, including two in Oklahoma City, two in Altus, one in Kingfisher, and one in Enid as well as a loan production office in Alva. NBC had $908.9 million in consolidated total assets, including $681.5 million in loans. Assets were funded primarily through $815.3 million in deposits as of December 31, 2024.

“Partnership with Equity Bank creates the capacity to support larger credits and will fuel new commercial growth, enhancing lending capabilities and retail services while expanding market reach,” said H. K. Hatcher, President & CEO of NBC. “I’m thankful to all of our team members at NBC Bank for their continuous support of our customers. That commitment has led us to success throughout our history and will continue to propel us forward as we merge with Equity Bank.”

Mr. Hatcher and local NBC leaders will continue to serve as part of Equity, as the companies work to combine operations and technology, with locations rebranding as Equity Bank following consummation of the merger. Equity and NBC leadership will work with local markets, customers, and businesses beginning immediately to answer questions and help with customer needs. Upon completion of the merger, the combined entity will benefit from the many years of Oklahoma banking experience of Ken Fergeson who will join the Board of Directors of Equity Bancshares, Inc. and also serve on the Director’s Credit Committee.

Equity reported $5.3 billion in consolidated total assets, deposits of $4.4 billion and gross loans of $3.5 billion as of Dec. 31, 2024. A pro forma Equity Bank, including seven NBC locations, will comprise a network of 82 bank locations, including 15 offices in Oklahoma, and $6.4 billion in total assets.

The combination with NBC brings Equity’s total strategic transactions to 25 since the Company’s founding in 2002, including 13 whole-bank acquisitions since the Company’s initial public offering in 2015.

The transaction is expected to be approximately 12.5% accretive to Equity’s 2026 earnings per share, excluding the impact of one-time transaction expenses, after giving effect to estimated fully phased-in transaction synergies. Estimated tangible book value per share dilution to Equity is expected to be earned back in less than three years.

Equity Bancshares, Inc. was advised by and received a fairness opinion from Keefe, Bruyette & Woods, Inc., A Stifel Company. Norton Rose Fulbright US LLP served as legal counsel to Equity.

NBC was advised by D.A. Davidson. McAfee & Taft served as legal counsel to NBC.

Conference Call and Webcast

Equity’s Chairman and Chief Executive Officer Brad Elliott, NBC Chairman Ken Fergeson, NBC CEO H.K. Hatcher, Equity Bank CEO Rick Sems, and Equity Chief Financial Officer Chris Navratil will hold a conference call and webcast to discuss the merger with NBC on April 3, 2025, at 10 a.m. eastern time; 9 a.m. central time.

Those wishing to participate in the conference call should call the applicable number below and reference the EQBK Conference Call (Conference ID: 019681):

United States (Local): +1 404 975 4839
United States (Toll-Free): +1 833 470 1428
Global Dial-In Numbers
Access Code: 019681

To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.

A replay of the call and webcast will be available two hours following the close of the call until April 10, 2025, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/191844750

About Equity

Equity is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange under the symbol “EQBK.” Learn more at www.equitybank.com.

About NBC

NBC is the parent company of NBC Oklahoma and operates seven locations in Oklahoma. It was founded in 1931 and is headquartered in Oklahoma City, Oklahoma.

Special Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive.

For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.

Investor Contact:

Brian Katzfey

VP, Director of Corporate Development and Investor Relations

Equity Bancshares, Inc.

(316) 858-3128

bkatzfey@equitybank.com

Media Contact:

Russell Colburn

Public Relations & Communications Manager

Equity Bancshares, Inc.

(913) 583-8011

rcolburn@equitybank.com

Source: Equity Bancshares

FAQ

What is the size of the combined Equity Bank and NBC Oklahoma merger in terms of assets?

The combined entity will have $6.4 billion in total assets, with NBC contributing $908.9 million and Equity bringing $5.3 billion.

How many locations will EQBK have in Oklahoma after the NBC merger?

After the merger, EQBK will have 15 locations in Oklahoma, doubling its current footprint in the state.

When is the EQBK-NBC merger expected to close?

The merger is expected to close in the third quarter of 2025, subject to regulatory approvals and closing conditions.

What is the expected earnings impact of the NBC acquisition on EQBK?

The transaction is expected to be approximately 12.5% accretive to Equity's 2026 earnings per share, excluding one-time transaction expenses.

How will NBC shareholders be compensated in the EQBK merger?

NBC shareholders will receive approximately 80% of their consideration in EQBK stock.
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