EQUITY BANCSHARES, INC. AND FIRST COMMUNITY BANCSHARES, INC. ANNOUNCE MERGER AGREEMENT
Wichita, Kansas and Lee’s Summit, MO (June 5, 2012) – Equity Bank, a Wichita based bank, and First Community Bank, a Missouri bank based in Lee’s Summit, MO, today announced they intend to merge the two banks (the “Merger”). The completion of the Merger is subject to various closing conditions, including receiving applicable regulatory approvals.
Final approval from regulatory authorities is expected by the end of the third quarter. With the Merger progressing as planned, Equity Bank and First Community Bank expect to close the proposed transaction early in the fourth quarter.
Upon completion of the merger, Equity Bank will have approximately $1.3 billion in total assets, and operate 30 banking offices under the Equity Bank banner: four banking offices in the Wichita area; two banking offices in Western Kansas; four Topeka banking offices; nine banking offices in the Kansas City area and eleven banking offices in Missouri.
Brad Elliott, Equity Bank’s Chairman and CEO, commenting on the proposed Merger states, “We are very excited about the combination of these two companies. Equity Bank and First Community Bank have very similar philosophies. Our mutual commitment to providing first-class customer service, having strong local leadership in the communities we serve, and building a culture founded on integrity are hallmarks of both banks. We know that together we will be stronger than apart. Our solid capital base combined with geographic and market synergies of our banking offices in Kansas and Missouri will create the perfect platform for future growth.”
Elliott continues, “The merger provides us with a stronger base to serve our Kansas and Missouri customers. Jack Fields, First Community Bank’s Chairman and CEO will stay on as Executive Vice President and we are pleased Jack will become a part of the Equity Bank team. His leadership will help us execute our vision for growth and ensure continuity of service and products for First Community Bank customers.”
Jack Fields, comments on the proposed bank merger, “I am very excited about this merger and the opportunity to become a member of the Equity Bank team. Equity is well capitalized and they have a tenured management team. Brad and his team have a vision for growth that will benefit our customers, our shareholders and the communities First Community Bank serves. ”
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Equity's or First Community’s actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and neither Equity nor First Community assumes any duty to update forward looking statements. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Equity and First Community, including future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: (i) the possibility that the merger does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; (ii) the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which First Community operates; (iii) the ability to promptly and effectively integrate the businesses of Equity and First Community; (iv) the reaction of the companies' customers, employees and counterparties to the transaction; and (v) diversion of management time on merger-related issues.
ADDITIONAL INFORMATION
In connection with the proposed transaction, Equity expects to deliver a private placement memorandum that will include a proxy statement of First Community that also constitutes an offering document of Equity, and the final proxy statement/private placement memorandum will be mailed to shareholders of First Community. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PRIVATE PLACEMENT MEMORANDUM AND OTHER RELEVANT DOCUMENTS IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders of First Community Bancshares, Inc. will receive a copy of the proxy statement/private placement memorandum (if and when it becomes available).
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a private placement memorandum.
Equity Bank is a Kansas Bank with locations in and around Wichita, Kansas City Metro, Topeka and Western Kansas. Equity Bank is insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (“FDIC”). For more information, please contact us at www.equitybank.com.
First Community Bank is a Missouri Bank with locations in the Kansas City MSA and Missouri. First Community Bank is insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (“FDIC”). For more information, please contact us at www.fcbankonline.com.
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