The Wichita holding company of Andover-based Equity Bank has raised more than $20 million in new capital, Equity Bancshares announced late Wednesday afternoon.
Of the $20 million raised, about $4 million came from Kansas investors, Equity said.
The money will be used to fund future mergers and acquisitions.
"The banking industry is evolving with the passage of the Dodd-Frank Act and other issues," said Brad Elliott, Equity's chairman and CEO. "(Because of that) I think there will be consolidation in the industry, and we are positioning ourselves for that."
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Elliott said there were no immediate acquisition deals pending.
The capital offering began June 15 and closed Oct. 15. Elliott would not disclose who the investors were from outside Kansas.
The holding company has had several capital offerings in the past, but none that were this large, he said.
The additional capital will not be used to pay off early a capital infusion the company received nearly two years ago, Elliott said. That's when Equity Bancshares received $8.75 million in capital from the Treasury Department's Capital Purchase Program, part of the Troubled Assets Relief Program initiated in fall 2008 at the height of the national banking crisis.
According to Treasury data, Equity has made timely interest payments totaling $735,252.
Banks that accepted CPP money have five years from the time they received the infusion to repay it.