Equity Bancshares, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Equity Bancshares, Inc.

$44.3 Million 12/06/2023 Financial Institutions Pending
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Transaction Details

  • On December 6, 2023, Equity Bancshares, Inc. (“Equity”) announced the signing of a definitive merger agreement with Rockhold BanCorp. (“Rockhold”), the parent company of Bank of Kirksville
  • Under the terms of the merger agreement, Equity will pay $44.3 million in cash consideration and Rockhold will pay a pre-closing one-time special cash dividend of $17.8 million, subject to adjustment and contingent on delivery of $34.2 million of minimum tangible common equity at close (net of one-time merger expenses and one-time special cash dividend)
  • The acquisition will increase the number of Equity locations to 74 with entry into north central Missouri
  • After completion of the transaction, Equity will have approximately $5.4 billion in total assets
  • The transaction is expected to close in the 1st quarter of 2024


Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. (1) Rockhold tangible book value is consolidated and as of September 30, 2023 and adjusted to exclude one-time special cash dividend of $17.8 million. Rockhold earnings taxed at 22.5% due to S-Corp status and adjusted to exclude pre-tax cash yield of 5.00% on one-time special cash dividend of $17.8 million.
    (2) TBVPS Earnback is calculated using the cross-over method.
    (3) Reflects Rockhold bank-level regulatory financials at or for the last twelve months ended September 30, 2023.
    (4) Taxed at 22.5% due to S-Corp status.

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