to Acquire Concentra Bank /Concurrent $200 Mi Bought Deal /NOT FOR DISTRUBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
- Acquisition accelerates growth and diversification for Canada's Challenger Bank™
- Acquired asset base of $11.3 billion adds significant scale in core product lines
- Mid-single digit adjusted EPS accretion expected in first full year post closing
- Combination enhances service offering, improves financial strength, and benefits Concentra's customers, employees and community partners
- Equitable Bank expected to become Canada's 7th largest independent Canadian bank by assets, directly and indirectly serving more than 5 million Canadians
- Acquisition made from a position of strength as Equitable reports record Q4 and 2021 performance, 51% common share dividend increase
TORONTO, Feb. 7, 2022 /CNW/ - Equitable Bank (Equitable or Canada's Challenger Bank™), the wholly owned subsidiary of Equitable Group Inc. (TSX: EQB) (EQB.PR.C), the Credit Union Central of Saskatchewan (SaskCentral) and Concentra Bank (Concentra) announced today that Equitable has entered into definitive agreements by which Equitable will acquire a majority interest in Concentra (the "Acquisition"), the 13th largest Schedule I bank in Canada with $11.3 billion in assets at November 30, 2021.