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Equity’s unusual play: Leverage TARP debt for piece of Bank of Blue Valley

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It’s been difficult to figure out what might happen with Equity Bank’s attempt to acquire and exert voting rights through the Troubled Asset Relief Program debt of Blue Valley Ban Corp — because it’s never happened before. The Overland Park-based holding company for Bank of Blue Valley borrowed $21.75 million from TARP in 2008. That’s about 54.7 percent of the holding company’s total equity. Wichita-based Equity Bank submitted a change-of-control filing to the Federal Reserve, while…

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