Equity Bancshares, Inc. completed its merger with Frontier Holdings, LLC, the parent company of Frontier Bank, on January 1, 2026. The transaction was announced on January 2 and January 3, 2026, and the combined institution now operates in six states—Arkansas, Kansas, Missouri, Nebraska, Oklahoma, and Iowa—after adding seven full‑service branches in Nebraska.
The deal was valued at approximately $120 million to $122.8 million, with Equity paying 75 % in stock and 25 % in cash. The transaction was priced at 123 % of Frontier’s tangible book value, and the pro‑forma asset base of the combined bank is about $7.9 billion. The merger also expands Equity’s deposit franchise and loan portfolio, positioning the bank to leverage its efficient platform and community‑banking strengths in a new market.
Prior to the merger, Equity Bancshares posted strong quarterly results. In Q3 2025 the bank earned $1.17 in earnings per share and generated $71.4 million in revenue, both beating analyst expectations. Earlier in the year, Q4 2024 net income was $17 million and Q1 2025 net income was $15 million, while the net interest margin rose from 4.17 % in Q4 2024 to 4.27 % in Q1 2025. These gains reflect disciplined cost management and a favorable mix of high‑margin retail and commercial lending, underscoring the financial strength that underpins the merger.
Strategically, the acquisition gives Equity a contiguous presence in Nebraska, a state that shares cultural and economic ties with its existing markets. The bank plans to rebrand the Frontier branches as Equity Bank on January 2, 2026, and to consolidate core and digital banking systems in February. The integration strategy focuses on preserving local customer relationships while deploying Equity’s technology platform to enhance service delivery and operational efficiency.
Brad Elliott, Chairman and Founder of Equity Bancshares, said the deal “expands our regional presence while staying true to our community‑banking values.” CEO Rick Sems added that the merger “provides greater lending power and modern tools for our customers in Nebraska.” The transaction is expected to strengthen Equity’s balance sheet, broaden its loan mix, and create new cross‑sell opportunities across the combined footprint.
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