Equity Bancshares, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Equity Bancshares, Inc.

$50.5 Million 07/17/2017 Depository Pending
Lead Bankers: Justin Evans, Adam Glasier
Public Companies
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Transaction Details

  • Announcement Date: July 17, 2017
  • Expected Closing: 4Q’17
  • Deal Value: $50.5 million
  • Total consideration to consist of approximately 73% stock / 27% cash
  • Under the terms of the agreement, Cache shareholders will receive 53.000 shares of EQBK common stock and $615.12 in cash for each share of Cache common stock
  • The pro forma company will be ranked 20th in deposit market share in the Tulsa MSA
  • 12.6x price / LTM earnings (3/31/17)(1)
  • 176% price / tangible book value (3/31/17)
Sources: Company filings, SNL Financial and publicly available information.
  1. Note: Financial information is based on bank-level data and is as of March 31, 2017. Deposit market share data is as of June 30, 2016. Deal value includes stock consideration for stock options.

    (1) LTM earnings adjusted for tax impact. ROAA adjusted for Company’s S-Corp status and tax-effected at 39.0%.

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