Equitable Bank completes acquisition of Concentra Bank

TORONTO, Nov. 1, 2022 /CNW/ - Equitable Bank (the "Bank", "Canada's Challenger Bank™" or "Equitable"), a wholly owned subsidiary of EQB Inc. ("EQB") (TSX: EQB) (TSX: EQB.PR.C), today announced it has completed the acquisition of Concentra Bank (the "Acquisition") for a premium of $35.7 million to its $459.7 million book value of common equity, subject to final standard closing purchase price adjustments.

"The addition of Concentra Bank brings immediate scale, diversification, and reach to Canada's Challenger BankTM and will benefit all stakeholders as we use our combined advantages to grow, innovate and enhance our offerings in keeping with our proven value creation method," said Andrew Moor, President and CEO. "We are particularly excited to use our financial capacity and industry-leading technology capabilities to add value to our Credit Union partners across the country in ways that will support the important role they play in the lives of millions of Canadians. This is a proud day for all of us, and thanks to great preparation over the past few months, we will move with speed, care and purpose to achieve our ambitions."

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