- Acquisition will accelerate growth and diversification for Canada's Challenger Bank™
- Combination will enhance service offering, improve financial strength, and benefit Concentra Bank's customers, employees and community partners
- Equitable Bank is expected to become Canada's 7th largest independent Canadian bank by assets, directly and indirectly serving more than 5 million Canadians
- Better positions Equitable Bank as a Challenger Bank™ to traditional alternatives, driving change in Canadian banking
TORONTO, Sept. 29, 2022 /CNW/ - Equitable Bank (the "Bank", "Canada's Challenger Bank™" or "Equitable"), a wholly owned subsidiary of EQB Inc. (the "Company") (TSX: EQB) (TSX: EQB.PR.C) (TSX: EQB.R), announced today that the federal Minister of Finance has approved the previously announced acquisition of Concentra Bank (the "Acquisition"). No further regulatory or shareholder approvals are required in connection with the Acquisition.
The Acquisition is expected to be completed in Q4, potentially as early as November 1st, subject to the satisfaction or waiver of the remaining conditions of closing. Refer to the press release and investor presentation dated February 7, 2022 for additional details on the Acquisition.
"This strategic acquisition increases the competitive strength and scale of Canada's Challenger Bank for the benefit of consumers coast to coast," said Andrew Moor, President and CEO. "We are pleased to have achieved this important regulatory milestone and look forward to working diligently with Concentra Bank's customers, employees and credit union partners broadly to fulfill our purpose of enriching people's lives through the creation of new and better financial services than those offered by the traditional players in the industry."
About EQB Inc.
EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and serves more than 360,000 Canadians through its wholly owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists. Please visit equitablebank.ca for details.
Cautionary Note Regarding Forward-Looking Statements
Statements made in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about the completion of the Acquisition and its expected benefits, and the Bank's objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to the Bank's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Bank to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the MD&A and in the Bank's documents filed on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Bank and the Canadian economy.
Although the Bank believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Bank in making forward-looking statements, including without limitation, the completion of all the conditions to closing the Acquisition, the achievement of the expected benefits of the Acquisition and integration of Concentra Bank into the Bank's business, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Bank does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
SOURCE EQB Inc.