Equity Bancshares, Inc. | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions
Financial Advisor and Fairness Opinion

Equity Bancshares, Inc.

$44.3 Million 12/06/2023 Financial Institutions Pending
Show Tombstone

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.

    This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.

    “Stephens” (the company brand name) is a leading family-owned investment firm that includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024), which is authorised and regulated by the Financial Conduct Authority.

    For more information, visit www.stephens.com. © 2023 Stephens

    For a printable version of this announcement, click here.