Equity Bancshares, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Equity Bancshares, Inc.

$73.6 Million 05/17/2021 Depository Pending
Lead Bankers: Justin Evans, Adam Glasier
Public Companies
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Transaction Details

  • On May 17, 2021, Equity Bancshares, Inc. (“Equity”) announced the signing of a definitive merger agreement with American State Bancshares, Inc., the holding company of American State Bank & Trust Company (collectively “American State”)
  • Under the terms of the merger agreement, American State shareholders will have the right to receive 2.4656 shares of Equity’s common stock per share of American State’s common stock in an all-stock transaction
  • Based on bank level March 31, 2021 results, the combined bank will have total assets of approximately $5.0 billion, with $4.3 billion in deposits and $3.3 billion in loans
  • The acquisition will increase the total number of Equity locations to 69, with 42 located in Kansas
  • The transaction is expected to close in October of 2021
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. Note: Reflects financial data as of March 31, 2021.

    1) Based on the closing price of EQBK’s common stock of $29.59 on April 29, 2021, the date on which both parties agreed to pricing.

    2) American State tangible book value is consolidated and as of 3/31/2021; American State LTM earnings are for the last twelve months ended 3/31/2021; Core deposits exclude CDs > $100,000.

    3) TBVPS Earnback calculated using the cross-over method.

    4) Reflects American State bank-level regulatory financials as of 3/31/2021.

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