Equity Bancshares acquires Frontier Holdings for 2.22M shares + $32.5M cash; also repositions bond portfolio

EQUITY BANCSHARES INC

EQBK to acquire Frontier Bank ($1.4B assets, 7 NE branches); expected Q4 2025 close upon regulatory/member approvals.
Total consideration: 2,220,000 EQBK shares plus $32.5M cash subject to minimum equity adjustments; ~75% stock.
Transaction expected to be 7.7% ($0.34) accretive to 2026 EPS; TBV dilution earned back in less than three years.
Sold ~$358.8M securities (2.18% yield) for ~$31.6M after-tax loss; proceeds redeployed at >4.75% yield.
Bond repositioning estimated to add $7.4M annual interest income, $0.27 EPS accretion in 2026; neutral to TCE.

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