Equity Bancshares in Wichita, Kansas, has agreed to buy NBC Corp. of Oklahoma in Oklahoma City. The $5.3 billion-asset Equity said in a news release that it will pay $86.9 million in cash and stock for the parent of the $909 million-asset NBC Oklahoma. The deal is expected to close in the third quarter.
TowneBank in Suffolk, Virginia, has agreed to buy Old Point Financial in Hampton, Virginia. The $18 billion-asset TowneBank said in a news release that it will pay $203 million in cash and stock for the $1.5 billion-asset Old Point. The deal, which is expected to close in the second half of this year, priced Old Point at 180% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.