Kansas’ based Equity Bancshares, Inc., is selling three recently-acquired branches in the northern part of the state to United Bank & Trust in Marysville, Kan.
The offices — in Concordia, Belleville and Clyde — were part of Wichita-based Equity’s purchase of American State Bancshares which closed at the beginning of the month. Approximately $60 million in deposits and $24 million in loans are included in Equity’s agreement with Union.
“Our three locations in northern Kansas will serve as a resource to consumers and businesses as part of a like-minded bank network in United Bank and Trust,” said Brad Elliott, chair and CEO of the $5 billion Equity Bancshares. “We’re pleased with the value to Equity shareholders as well as the added value to customers of a local bank dedicated fully to north central Kansas.”
The deal is set to close in the second quarter and will leave Equity and its Andover, Kan.-based subsidiary with 38 offices in the state; it also has 15 in Missouri, five in Arkansas and eight in Oklahoma. Union Bank will have 17 offices in Kansas after the merger.
“We’re pleased to add community bankers in strong communities to our northern Kansas footprint, and we’re eager to work with the teams and customers who helped make ASBT and Equity locations a great resource for customers,” said Leonard Wolfe, chair and CEO of UBT Bancshares, Inc., parent company of United Bank.
The $738 million UBT Bancshares, Inc. was advised by Stinson LLP as legal advisor.