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Friday, July 11, 2014

Equity Bancshares reports raising $20.3 million in capital

By Jerry Siebenmark
The Wichita Eagle

The holding company of Equity Bank said Thursday that it had raised $20.3 million in capital.

Equity Bancshares said more than 70 percent of the new capital it raised came from its current slate of investors. It also added one private equity investor from New York.

Brad Elliott, Equity CEO, said the capital raised will increase the bank’s legal lending limit and allow it to pursue future bank acquisitions.

He said he was pleased with the response of the bank’s investors to the capital offering.

“We’ve had a continuous positive response to our strategies and management of the institution, and they’ve been supportive in both non-economic and economic ways,” Elliott said.

This is the second private capital raise of almost the same amount of money that the company has completed in nearly two years.

In October 2010 the company raised $20 million from investors.

In all, the company has had seven capital raises since 2003.

The company, based in Wichita and with more than $600 million in assets, operates Andover-based Equity Bank, which has 13 branches in the state and one in Missouri.

Reach Jerry Siebenmark at 316-268-6576 or jsiebenmark@wichitaeagle.com.

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