Bank / Credit Union

Equity Bancshares acquires Almena State Bank

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October 27, 2020

Wichita-based Equity Bank has announced the acquisition of Almena State Bank with a purchase and assumption agreement facilitated by the Federal Deposit Insurance Corporation, according to a press release.

The FDIC selected Equity Bank through a competitive bidding process. Equity Bank acquired all of Almena State Bank's assets at a 30% discount, gaining $42.7 million of core deposits at a 1.00% premium and assumed all of the brokered deposits at no premium.

Almena State Bank customers remain insured by the FDIC, and may continue to access their accounts through existing checks, debit cards, ATM cards, and online and mobile banking.

Including Almena State Bank locations, Equity now has $3.94 billion in consolidated total assets and a total network of 51 branch locations in Kansas, Missouri, Arkansas and Oklahoma.

"We're proud to welcome new customers to the Equity Bank network. Our top priority is to work side-by-side with the community bankers who our Norton County customers trust and value, ensuring our customers don't miss a beat," Brad Elliott, Chairman and CEO of Equity Bank said in the release. "Equity Bank has served Kansas customers statewide since our beginning, and has a healthy balance sheet and a strong capital and liquidity position. Customers will have full access to our 51 locations, our digital banking services, and will enjoy no ATM fees on their debit cards at any ATM, anywhere."