Equity Bancshares, Inc. announced the acquisition of Frontier Holdings, LLC, the parent company of Frontier Bank in Nebraska.
The merger agreement involves Frontier receiving approximately 75% of the merger consideration in EQBK stock.
Equity also revealed the repositioning of its bond portfolio by selling $358.8 million of investment securities.
Strategic Expansion
Equity Bancshares expands into Nebraska through the acquisition of Frontier Holdings, LLC.
Merger Details
Under the terms of the agreement, Frontier will receive 75% of the merger consideration in EQBK stock and the remaining in cash.
Bond Portfolio Repositioning
Equity sold approximately $358.8 million of investment securities to enhance balance sheet efficiency.
- The acquisition of Frontier Holdings, LLC adds seven locations to Equity's franchise and strengthens its regional presence.
- Repositioning the bond portfolio is expected to improve balance sheet efficiency despite the after-tax loss of approximately $31.6 million.
The acquisition of Frontier Holdings, LLC and the strategic repositioning of the bond portfolio mark significant milestones for Equity Bancshares, Inc., positioning the company for continued growth and innovation in the financial sector.