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Equity Bancshares completes private placement

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Equity Bancshares completes private placement

Wichita, Kan.-based Equity Bancshares Inc. completed a private placement of $35.4 million of its common stock.

Certain institutional investors took part in the placement, buying stock at $32.50 per share.

The private placement consisted of $25.0 million of primary shares issued by Equity, and $10.4 million of secondary shares sold by funds affiliated with Patriot Financial Partners LP and Endicott Management Company.

Equity issued 770,000 new shares of common stock for the offering.

Proceeds will be used to pay down the company's line of credit and to provide working capital for growth strategies.

Keefe Bruyette & Woods served as the sole placement agent for the private placement. Equity was advised by Norton Rose Fulbright US LLP as counsel.