Equity Bancshares acquiring Bank of Kirksville in Missouri

Equity Bancshares is entering into a definitive merger agreement with Rockhold Bancorp, the parent company of the Bank of Kirksville in Kirksville, Missouri. Bank of Kirksville will merge into Equity Bank, adding eight locations to Equity Bank’s current network. Equity will pay approximately $44.3M in cash to acquire Rockhold and Bank of Kirksville. Following completion of the merger in 1Q24, Bank of Kirksville will merge with and into Equity Bank. The closing of the transaction is subject to customary closing conditions, including regulatory approval. Rockhold’s sole shareholder has approved the transaction. Equity expects the merger to be 36c, or 12% accretive, to diluted EPS in 2024, and 45c, or 14.3% accretive, to EPS in 2025 and expects the tangible book value earn back to be approximately 1.3 years. Established in 1914, Bank of Kirksville currently operates eight locations in North Central Missouri. Bank of Kirksville had $406M in consolidated total assets, $344M in total deposits, including $311M in core deposits, and $122M in loans as of September 30, 2023. Equity reported $4.9M in consolidated total assets, deposits of $4.1B and gross loans of $3.3B as of September 30, 2023. Following the closing of the transaction, Norman Belitz, CEO of Bank of Kirksville, will join Equity Bank as Regional Market President.