The Equity Bancshares, Inc. (EQBK) Board of Directors has announced an initial quarterly cash dividend to its stockholders.
The quarterly dividend of $0.08 per common share of Equity Bancshares, Inc. Class A stock is payable on October 14, 2021 to stockholders of record at the close of business on September 30, 2021. An annual dividend rate of 32 cents per share for EQBK yields 1% at a stock price of $33.24.
“We’re pleased to declare a dividend to our stockholders for the first time in our Company’s history. We have been evaluating this as our Company and profits have each continued to grow,” said Brad Elliott, Chairman and CEO of Equity. “We appreciate the support of our stockholders and the ongoing efforts of our Equity Bank teams throughout our four-state footprint to continue to deliver expertise, innovation, and local service to our customer base.”
The Board also authorized the repurchase of up to 1,000,000 shares of Equity’s outstanding common stock, par value $0.01 per share, from time to time, beginning October 29, 2021 and concluding October 28, 2022. The repurchase program does not obligate Equity to acquire a specific dollar amount or number of shares, and it may be extended, modified or discontinued at any time without notice. The repurchase program is subject to non-objection from the Federal Reserve Bank.
Equity Bancshares is the parent company of Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, and treasury management services. Equity has full-service locations in Kansas, Missouri, Arkansas and Oklahoma, including corporate offices in Wichita. The company initiated a quarterly dividend in 2021.