Wichita, Kan.-based Equity Bancshares is expanding to Nebraska by acquiring Omaha-based Frontier Holdings LLC..Equity Bancshares is the holding company of Equity Bank. Frontier Holdings is the holding company of Frontier Bank in Omaha. Established in 1937, Frontier Bank has seven Nebraska branches, including two in Lincoln and others in Omaha, Falls City, Madison, Norfolk, and Pender.Equity Bancshares will grow to $7.9 billion in assets following the deal. As of June 30, Frontier Bank had $1.4 billion in assets, $1.3 billion in loans and $1.1 billion in deposits.The merger is expected to close in the fourth quarter. Under the agreement, Frontier will receive about 75 percent of its consideration in Equity Bancshares stock and the rest in cash.“This acquisition allows us to expand our regional presence while continuing our commitment to relationship banking and local leadership,” said Equity Bancshares Chair and CEO Brad Elliott. Frontier Executive Chair David Rogers said the deal “positions us for long-term growth and strength in Nebraska.” Frontier President Doug Ayer said the merger will provide customers with better technology and higher lending capacity. The deal is Equity’s 26th since it was founded in 2002 and 14th since going public a decade ago. The $6.4 billion Equity Bancshares finalized its acquisition of NBC Oklahoma earlier this summer.Equity Bancshares was advised by Stephens Inc., and received a fairness opinion from Philadelphia-based Janney Montgomery Scott LLC. Norton Rose Fulbright US LLP was legal counsel to the company. D.A. Davidson provided financial advice to Frontier Holdings. Fenimore Kay Harrison LLP was legal counsel to the company. Wichita, Kan.-based Equity Bancshares is expanding to Nebraska by acquiring Omaha-based Frontier Holdings LLC.
