Wichita-based Equity Bank has announced its intention to merge with University National Bank, 1400 Kasold Drive, and acquire four branch locations in Topeka from Citizens Bank & Trust.
The banks in Lawrence and Topeka will change their names to Equity Bank by year’s end, according to a statement from Equity Bank.
Todd Sutherland, University National Bank’s CEO, will continue to lead the bank in Lawrence.
On Tuesday afternoon, Sutherland said customers should see more products and services available to them as a result of the changes as the bank has more access to capital.
Decisions on local staffing levels had not yet been made, Sutherland said, but he said given that it the merger was done with an out-of-market bank “should be good” for staffing levels.
After the expansion, Equity reported that it would have about $680 million in assets.
In the statement, Brad Elliott, Equity Bank’s chairman and CEO, said that the transactions would benefit customers.
“These transactions will benefit both our new customers as well as our current customers that do business in those markets,” Elliott said. “We see tremendous opportunity in both Lawrence and Topeka.”
University National Bank was founded in Lawrence in 1988, Sutherland said.
Financial terms of the deal were not disclosed, and it is subject to regulatory approval.