Equity selling 2 Johnson County branches
08/01/2014 5:23 PM
08/08/2014 4:31 PM
Equity Bank said Friday that it has agreed to sell two of its northeast Kansas branches to TriCentury Bank.
Equity said in a joint news release with TriCentury that it will sell its branches in Spring Hill and DeSoto, pending regulatory approvals.
Spring Hill and DeSoto are both in Johnson County. The sale will leave Equity with eight full-service branches in the Kansas City area, including two in Overland Park, which also is in Johnson County.
Equity CEO Brad Elliott said he would not disclose financial terms of the transaction. He said the DeSoto and Spring Hill branches had about $15 million in combined deposits.
“Those (branches) are just a little outside the zone of what we consider the Kansas City metro to be,” he said. “We want to focus on the core Kansas City market. We had somebody approach us who wanted to buy those two branches and felt like it was an opportunity for them to probably better service those two markets.”
Equity acquired the DeSoto branch in its 2012 merger with First Community Bancshares of Overland Park. The Spring Hill branch was included in its 2007 acquisition of Signature Bank.
TriCentury is based in Simpson in north-central Kansas.
TriCentury said in the release that it will relocate its headquarters to the DeSoto branch following the closing of the branch sales.
Elliott said an application to sell the branches to TriCentury was filed Friday with the Kansas City Federal Reserve Bank, and he expects the transaction to close in the fourth quarter of 2014.
Following the sale, Equity will have $1.15 billion in assets and 25 branches in Kansas and Missouri. The bank is based in Andover, and its holding company, Equity Bancshares, is based in Wichita.
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