Account holders at Spire Bank have been notified of the migration of their bank to Equity Bank.

In a paid advert, all customers at Spire Bank were asked to visit their new Equity branches following a successful acquisition of Spire Bank.

“Your new branch manager is on standby to receive you and give you new account details,” Equity said.

Customers in 10 Spire Bank branches in Eldoret, Nairobi, Kakamega, Machakos, Kisumu, Nakuru and Mombasa will get the account details in Equity branches in their localities.

Equity Bank has completed the acquisition of certain assets and liabilities of Spire Bank in a deal expected to get the teachers-owned bank out of a financial crisis.

The transaction was completed on January 31, 2023, following receipt of regulatory approvals. Equity acquired approximately 20,000 deposit customers and 3,700 loan customers.

The deal will see Mwalimu Sacco, which owns Spire Bank, pay Equity an additional Sh1.7 billion to cover liabilities.

Spire Bank was a locally owned bank whose majority shareholding is Mwalimu National Sacco and holds deposits from hundreds of employed and retired teachers and other customers across the country.

Spire Bank Limited, formerly known as Equatorial Commercial Bank (ECB), was established as a finance company in 1983.

On October 10, 2014, Mwalimu National Sacco Society Limited signed an agreement to buy the banking and investment arm of Equatorial Commercial Bank, which rebranded as Spire Bank.

Central Bank of Kenya agreed to financially back the deal in a bid to avoid a collapse of the lender.