The Equity Bancshares, Inc. (NASDAQ:EQBK) Board of Directors (“Board”) announced it has increased its quarterly cash dividend to its stockholders by 25%.
The quarterly dividend of $0.10 per common share of Equity Bancshares, Inc. (“Equity” or “Company”) Class A stock is payable on October 14, 2022, to stockholders of record at the close of business on September 30, 2022. Future dividends will be subject to Board approval.
“We’re pleased to announce an expansion of our quarterly dividend for the first time in our Company’s history. This 25% increase is reflective of our Company’s continued success in serving our customers and developing our team in order to enhance the return for our stockholders,” 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 localized service. We will continue to look for ways to emphasize stockholder return while growing the Equity Bank brand and business.”
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 1, 2022, and concluding September 30, 2023. 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. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received September 16, 2022.