Equity Bancshares, Inc. (NYSE:EQBK) entered into an agreement and plan of merger to acquire KansasLand Bancshares, Inc. for $0.1 million on April 18, 2024. The merger consideration is subject to downward adjustment if Kansasland does not deliver at least $250,000 of tangible common equity, as adjusted and calculated in accordance with the terms of the Agreement. For the year ended December 31, 2023, KansasLand reported total assets of $54.457 million, total liabilities of $51.499 million, net loss of $0.611 million and net assets of $2.958 million.

Completion of the Merger is subject to certain customary conditions, including, among others, (i) subject to certain exceptions, the accuracy of the representations and warranties of each party, (ii) performance in all material respects by each party of its obligations under the Agreement, (iii) the delivery of required closing documents, (iv) receipt of required regulatory and other third-party consents or approvals, and (v) the absence of any statute, rule, regulation, order, injunction or other action prohibiting the consummation of the Merger. The Company?s obligation to complete the Merger is also subject to, among other things, Kansasland?s Adjusted Equity being at least $250,000. Kansasland?s Board of Directors and EQBK Board has approved the Agreement and the transactions contemplated thereby.

As of May 9, 2024, transaction is expected to close in the second quarter of 2024. Robert Minter of Minter and Pollack acted as legal advisor to Kansasland.