Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “we”, “us”,
“our”), the Wichita-based holding company of Equity Bank, announced
the hire of Eric R. Newell as Chief Financial Officer (“CFO”), as
well as changes in roles among its senior leadership team,
including Chief Financial Officer Gregory H. Kossover becoming
Chief Operating Officer, and Craig L. Anderson moving to serve as
President of Equity Bank.
Mr. Newell will join Equity on April 30, 2020 and assume CFO
duties after the completion of the second quarter reporting period
and following the filing of Equity’s second quarter 10-Q, after
June 30, 2020. Mr. Kossover will be working with Mr. Newell, and
assisting in the transition over the next 90 days.
“It’s a time of change in our industry, but I’m extremely
pleased in the leadership, accomplishments and talent of our senior
management team, including Greg and Craig,” said Brad S. Elliott,
Chairman and CEO of Equity. “I’m excited to supplement our key
leaders and welcome Eric, a talented financial leader with
experience leading super-community banks and a great addition to
our skilled leadership group.”
“We believe that we are positioned to help our customers
considerably during the years to come, as well as to continue our
high standards of credit administration, innovations within our
product and service delivery,” said Mr. Elliott. “We’ll continue to
review merger opportunities based on culture and fit first, and I’m
excited to have a leadership team with Greg, Craig, and Eric that
can help us continue to build on our success.”
Mr. Kossover joined Equity Bank in 2013 as Chief Financial
Officer after serving on the Board of Directors of Equity
Bancshares, Inc., and was instrumental in Equity’s 2015 Initial
Public Offering as well as nine business combinations while leading
Equity’s finance and accounting teams and serving as Executive Vice
President. Mr. Kossover will continue with Equity’s senior
leadership team and continue to serve on Equity’s Board of
Directors. His new role will include leadership of the operations,
credit, information technology, and human resources teams.
Mr. Anderson joined Equity Bank in 2018 after serving as
President of Commercial Banking and leadership roles for more than
30 years, most recently at UMB Financial in Kansas City, Mo. As
President, Mr. Anderson will lead all commercial banking and sales
efforts throughout Equity’s four states, including commercial
lending, commercial banking, and Equity’s Trust and Wealth
Management division, started in 2019.
“Greg has helped us build this company and scale it to what it
is today, and his discipline, intelligence, and work ethic have
helped Equity more than double in asset size during the last seven
years, and I’m eager to have his leadership over key areas,
processes and departments,” said Mr. Elliott. “Craig is an
outstanding commercial banker and has energized our sales teams,
leaders, and bankers throughout our footprint. We continue to
strengthen our leadership team with bankers who embody
entrepreneurial spirit, and a commitment to serving our
customers.”
Mr. Newell joins Equity after most recently serving as Chief
Financial Officer at United Bank, a subsidiary of United Financial
Bancorp, Inc. (“United”), a $7.3 billion community bank
headquartered in Hartford, Conn, through completion of United’s
merger into People's United Financial, Inc. (NASDAQ: PBCT).
Mr. Newell was responsible for the oversight of financial and
accounting management, internal and external financial reporting,
interest rate risk management, liquidity management, and capital
management. Mr. Newell received a B.S. in Business Administration
with a concentration in Finance and Marketing from Northeastern
University in Boston, MA, and is a chartered financial analyst.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank,
offering a full range of financial solutions, including commercial
loans, consumer banking, mortgage loans, trust and wealth
management services and treasury management services, while
delivering the high-quality, relationship-based customer service of
a community bank. Equity’s common stock is traded on the NASDAQ
Global Select Market under the symbol “EQBK.” Learn more at
www.equitybank.com.
No Offer or Solicitation
This press release shall not constitute an offer
to sell, a solicitation of an offer to sell, or the solicitation or
an offer to buy any securities. There will be no sale of securities
in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirement of Section 10 of the Securities Act of 1933, as
amended.
Special Note Concerning Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements reflect the
current views of Equity’s management with respect to, among other
things, future events and Equity’s financial performance. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“project,” “forecast,” “goal,” “target,” “would” and “outlook,” or
the negative variations of those words or other comparable words of
a future or forward-looking nature. These forward-looking
statements are not historical facts, and are based on current
expectations, estimates and projections about Equity’s industry,
management’s beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond
Equity’s control. Accordingly, Equity cautions you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict. Although Equity believes that the
expectations reflected in these forward-looking statements are
reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Factors that could cause actual results
to differ materially from Equity’s expectations include COVID-19
related impacts; competition from other financial institutions and
bank holding companies; the effects of and changes in trade,
monetary and fiscal policies and laws, including interest rate
policies of the Federal Reserve Board; changes in the demand for
loans; fluctuations in value of collateral and loan reserves;
inflation, interest rate, market and monetary fluctuations; changes
in consumer spending, borrowing and savings habits; and
acquisitions and integration of acquired businesses; and similar
variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual
results to differ from expectations, please refer to “Cautionary
Note Regarding Forward-Looking Statements” and “Risk Factors” in
Equity’s Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 10, 2020, and any updates to those
risk factors set forth in Equity’s subsequent Quarterly Reports on
Form 10-Q or Current Reports on Form 8-K. If one or more events
related to these or other risks or uncertainties materialize, or if
Equity’s underlying assumptions prove to be incorrect, actual
results may differ materially from what Equity anticipates.
Accordingly, you should not place undue reliance on any such
forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made, and Equity does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. New risks and uncertainties arise
from time to time, such as COVID-19, and it is not possible for us
to predict those events or how they may affect us. In addition,
Equity cannot assess the impact of each factor on Equity’s business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements. All forward-looking statements,
expressed or implied, included in this press release are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that
Equity or persons acting on Equity’s behalf may issue.
Investor Contact:
Chris NavratilSVP, FinanceEquity Bancshares, Inc.(316)
612-6014cnavratil@equitybank.com
Media Contact:
John J. HanleySVP, Senior Director of MarketingEquity
Bancshares, Inc.(816) 505-4063jhanley@equitybank.com
Photos accompanying this announcement are available at
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