Private investor Todd Ellestad filed an application with the Federal Reserve Bank of Minneapolis to acquire 100% of the shares of Minnetonka, Minn.-based Equity Bank Holding Co. Inc.
The deal terms were not disclosed, according to a regulatory filing.
SNL valuations for bank and thrift targets in the Midwest region between Feb. 17, 2017, and Feb. 17, 2018, averaged 157.51% of book, 163.18% of tangible book and had a median of 18.93x last-12-months earnings, on an aggregate basis.
Equity Bank Holding, the parent of Equity Bank, operates one branch in Dodge County, Minn., ranked sixth with a 5.51% share of approximately $262.8 million in total market deposits. It also operates one branch in Hennepin County, Minn., ranked No. 54 with a 0.02% share of approximately $111.02 billion in total market deposits.
