Equity Bank (United States)
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | November 1, 2002 in Andover, Kansas, United States |
| Founder | Brad Elliott |
| Headquarters | Wichita , United States |
Area served | Kansas, Missouri, Oklahoma, Arkansas, United States (Brilliant Bank nationwide) |
Key people | Brad Elliott (CEO) |
| Products | Commercial lending, consumer banking, mortgage financing, treasury management, specialty loans, trust & wealth management, private banking, digital wealth management (SimplyInvest), Brilliant Bank digital banking platform |
| Owner | Equity Bancshares, Inc. |
| Parent | Equity Bancshares, Inc. |
| Website | www |
Equity Bank is a community bank valued at $5 billion, operating more than 70 branches throughout Kansas, Missouri, Oklahoma, and Arkansas. Established in 2002 by Brad Elliott, the bank went public in 2015 and commenced trading on the New York Stock Exchange in 2023 under the ticker symbol 'EQBK'.
The bank’s parent organization, Equity Bancshares, Inc., is based in Wichita, Kansas. Equity Bank provides a variety of financial services including commercial lending, consumer banking, mortgage financing, and treasury management. Additionally, it runs Brilliant Bank, a fully digital banking platform serving customers nationwide.
History
Early 2000s
Equity Bank was founded in November 2002 in Andover, Kansas by Brad Elliott and began operations in 2003 by acquiring the National Bank of Andover. The bank expanded into Wichita and the Kansas City metropolitan area through acquisitions by 2006, growing its assets from $41 million to $226.9 million by mid-2007. A subsequent merger with Signature Bancshares later that year increased assets to nearly $300 million. In 2008, the acquisition of Ellis State Bank extended its footprint into Hays and Ellis, Kansas. By the end of the decade, Equity Bank had established two branches in Overland Park, marking its entry into the Kansas portion of the Kansas City metro area.
2010-2015/Initial Public Offering
In 2011, Equity Bank acquired four branches from Citizen's Bank and Trust in Topeka, bringing its total to 15 offices with $680 million in assets at year-end. The following year, the purchase of First Community Bancshares doubled the bank’s size to $1.2 billion in assets and expanded its presence to 30 locations across Kansas and Missouri. A merger with First Federal Savings & Loan in 2015 further increased assets to approximately $1.5 billion. That same year, Equity launched its initial public offering on NASDAQ as 'EQBK,' selling over 1.9 million shares at $22.50 each and raising $39 million.
2016 - Present
Following its IPO, Equity Bank accelerated growth through strategic mergers and acquisitions. In 2016, it merged with Community First Bancshares of Harrison, Arkansas, extending operations into three states with assets exceeding $2 billion across 34 locations. The 2017 mergers with Prairie State Bancshares (Kansas) and two Oklahoma banks expanded total assets to $3.17 billion across four states with 42 branches.
In 2018, acquisitions included Kansas Bank Corporation and Adams Dairy Bancshares—broadening reach in Southwest Kansas and Missouri—as well as City Bank & Trust Company in Oklahoma’s panhandle region. These moves pushed assets beyond $4 billion with a network of 49 branches.
Expansion continued into 2019 with purchases from Midland Financial Company in Oklahoma, growing Equity’s footprint to 52 full-service branches including nine in Oklahoma. The bank received Diversity and Inclusion Awards from the Wichita Business Journal in both 2016 and 2019. In October 2020, Equity acquired deposits and assets from Almena State Bank through an FDIC transaction, increasing its branch count to 51 with 23 located in Kansas.
By 2021, Equity had grown into a $5 billion institution following its largest merger with American State Bancshares of Wichita, adding 17 branches throughout Kansas metro areas. Later that year, it acquired three branches from Security Bank of Kansas City in St. Joseph, Missouri—expanding Missouri locations to 16.
Equity Bancshares began trading on the NYSE in May 2023; CEO Brad Elliott emphasized this milestone as crucial for fostering investor trust and supporting future growth. Early in 2024, mergers with Rockhold BanCorp (adding eight Missouri branches) and KansasLand Bancshares (two Kansas locations) increased its network to 74 branches across four states with total assets reaching $5.3 billion.
Services/Lines of Business
- Personal Banking
- Checking
- Early Pay: Access to direct deposits up to 24-48 hours in advance
- Savings
- Lending
- Auto financing
- Home mortgages
- Home equity credit lines
- Standard credit cards
- Health Savings Accounts
- Online Banking
- SavvyMoney Credit Score: Offers clients credit scores, detailed reports, factors affecting scores, and opportunities to lower interest rates
- Specialty Loans
- Loans for aviation purposes
- Financing for medical practices
- Trust & Wealth Management
- Management of investments
- Planning for wealth transfer
- Retirement strategy development
- Risk assessment and mitigation
- Succession planning for businesses
- Private Banking services
- Digital Wealth Management
- SimplyInvest: A digital investment solution provided in partnership with Marstone; requires a $500 minimum initial investment
Brilliant Bank
Brilliant Bank, an exclusively online division of Equity Bank established in 2022, focuses on deposit products. The Wichita Business Journal recognized it with a 2024 Innovation Award. In its initial 10 months, the bank secured deposits exceeding $175 million.
Providing checking accounts, money market accounts, and certificates of deposit nationwide, Brilliant Bank operates solely via digital platforms without any physical branches. It imposes no ATM fees and maintains an average minimum balance around $100,000.