Equity Bancshares Inc., the Wichita-based holding company of Equity Bank, announced it has entered into a definitive merger agreement with Frontier Holdings LLC, the parent company of Frontier Bank in Omaha, Nebraska, adding seven locations to Equity’s franchise and marking Equity’s entrance into Nebraska.
“We are excited to welcome Frontier Bank into the Equity family as we expand into Nebraska,” said Brad S. Elliott, Chairman and CEO of Equity. “Frontier has built a strong reputation for serving its communities with integrity and personal service, values that align perfectly with ours. This acquisition allows us to expand our regional presence while continuing our commitment to relationship banking, local leadership and delivering the resources of a larger institution with the heart of a community bank.”
“Partnering with Equity Bank positions us for long-term growth and strength in Nebraska,” said David E. Rogers, Frontier Executive Chairman of the Board. “Equity’s resources and scale, combined with our deep community relationships, create a powerful platform for expansion and innovation. Together, we can deliver greater opportunities for our customers, invest in our markets and continue building on the legacy our team has established.”
Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Frontier will receive approximately 75% of their consideration in EQBK stock and the balance in cash. Subject to receipt of customary regulatory and member approvals and closing conditions, the merger is expected to close in the fourth quarter of 2025. Following completion, Frontier Bank will merge with and into Equity Bank.
“Joining with Equity Bank allows us to enhance the way we serve our customers and communities by providing access to advanced technology, increased lending capacity, and the strength of a larger organization,” said Doug R. Ayer, President of Frontier Bank. “Just as important, our institutions share a common philosophy of community-focused lending, ensuring that our customers will continue to receive the same level of personal service, now supported by greater resources.”
Established in 1937, Frontier Bank currently operates seven Nebraska locations, with two in Lincoln and one each in Falls City, Madison, Norfolk, Omaha and Pender. As of June 30, 2025, Frontier Bank had $1.4 billion in total assets, including $1.3 billion in loans and $1.1 billion in deposits.
Following its completion of its merger with NBC Oklahoma in July, Equity reported $6.4 billion in proforma consolidated assets. Adding seven Frontier locations, proforma will now comprise $7.9 billion in total assets.
The transaction is expected to be approximately 7.7% or $0.34 accretive to Equity’s 2026 earnings per share, excluding the impact of one-time transaction expenses. Estimated tangible book value per share dilution to Equity is expected to be earned back in less than three years.
The combination with Frontier brings Equity’s total strategic transactions to 26 since the Company’s founding in 2002, including 14 whole-bank acquisitions since the Company’s initial public offering in 2015.
Equity Bancshares Inc. was advised by Stephens Inc. and received a fairness opinion from Janney Montgomery Scott LLC. Norton Rose Fulbright US LLP served as legal counsel to Equity.
Frontier was advised by D.A. Davidson. Fenimore Kay Harrison LLP served as legal counsel to Frontier.
Market Expansion
This year, Equity is also opening a loan production office in West Des Moines, Iowa, led by Regional President and 35+ year banker, Jan Olson. This brings the Company’s operating footprint to six states.
“Reaching six states is a milestone that reflects our team’s strategic decision-making and the trust of our customers,” said Equity Bank CEO, Rick Sems. “Equity Bank will continue to seek smart opportunities that align with our vision and values to expand our footprint and bring community banking to even more people.”
Bond Portfolio Repositioning
Equity also announced the sale of approximately $358.8 million of available-for-sale investment securities, generating an estimated after-tax loss of approximately $31.6 million. The transaction will be neutral to tangible common equity while improving balance sheet efficiency. The securities sold are comprised primarily of treasury, agency, and mortgage-backed securities with a weighted average yield of 2.18%. The proceeds from the transaction will be re-deployed in cash, investment, and loan assets with an expected yield in excess of 4.75%. Equity anticipates the repositioning will contribute additional, annual interest income of approximately $7.4 million, producing estimated earnings per share accretion of $0.27 in 2026.
“We remain focused on delivering value to our shareholders through consistent performance, while upholding strong credit quality and prudent risk management as the foundation of our business,” said Elliott. “Looking ahead, we will continue to evaluate opportunities like those we are announcing today that align with our strategy and create sustainable value.”