Equity Bancshares, Inc. has announced a major merger. The Wichita-based holding company will merge with Lincoln Bancorp. Lincoln is the parent of Lincoln Savings Bank, headquartered in Reinbeck, Iowa. As a result, this merger will add 16 locations to Equity Bancshares’s growing franchise. Furthermore, the deal builds on Equity’s existing Iowa presence. Consequently, it creates a stronger platform for statewide expansion.
“This partnership marks an important step in our long-term strategy for Iowa,” said Brad Elliott, Equity’s Chairman & CEO. “Lincoln has built one of the best community banks in the state through committed service to its communities, customers and team members over its proud 124-year history. This merger brings resources, scale, and enhanced opportunities for the customers and communities we will have the privilege of continuing to serve.”
Merger Terms and Financial Details
The Boards of Directors of both companies have unanimously approved the merger agreement. Under the deal, Lincoln shareholders will receive about 77.5% of the consideration in EQBK stock. The other 22.5% will be paid in cash meanwhile. The deal is valued at approximately $123.8 million based on Equity’s spot price of $49.85 as of September 2, 2026. The merger is also subject to approval by regulators and shareholders. Therefore, a closing is anticipated in the fourth quarter of 2026. At that time, Lincoln Savings Bank will merge directly into Equity Bancshares Bank.
“What people value most about their community bank is what stays the same,” said Rick Sems, President & CEO of Equity Bank. “This is about giving customers more of what they’ve always counted on from their community bank: local decisions, local people who know their customers by name, and a long-term commitment to the community. By combining our strengths, we’ll have additional resources to invest in local communities and support the initiatives that help them thrive. This year alone, we’ve contributed more than $1.7 million to causes across our markets, and we’re committed to expanding that investment in the years ahead.”
Lincoln Savings Bank’s Iowa Legacy
Founded in 1902, Lincoln Savings Bank currently serves several Iowa cities. These include Adel, Allison, Ankeny, Aplington, Cedar Falls, Clive, Des Moines, Garwin, Greene, Grinnell, Hudson, Lincoln, Nashua, Reinbeck, Tama, and Waterloo. As of June 30, 2026, Lincoln reported $1.7 billion in total assets. This included $1.2 billion in loans and $1.5 billion in deposits.
“This is a pivotal moment for our institution and our customers,” said Sally Hollis, Lincoln’s Board Chair. “By joining forces with Equity Bank, we’re combining decades of community banking expertise with the scale and resources needed to deliver even greater value, innovation, and stability for the people and businesses we serve. Our teams share a common commitment to relationship-based banking, and together we’ll be even better positioned to invest in the products, technology, and local presence our customers count on.”
“Lincoln Savings Bank has always been guided by the dedication of our people and the relationships we’ve built with our customers and communities over the past 124 years,” said Sean Willett, CEO of Lincoln Savings Bank. “This merger isn’t a departure from that; it’s a way to protect and expand it, while preserving what has always made us special: our people and our shared mission.”
Combined Financial Strength After the Merger
As of June 30, 2026, Equity had assets of $7.7 billion. Including Lincoln, and adjusting for excess liquidity, the combined franchise will have total assets of about $9.1 billion. Analysts also expect the merger to be accretive to earnings. Specifically, it should increase 2027 earnings per share 5.1%, or $0.27. Likewise, 2028 earnings per share should increase 7.5%, or $0.42. These figures exclude one-off transaction costs. Further, dilution to tangible book value should be recovered within three years.
Overall, this merger brings Equity’s total strategic transactions to 27 since its founding in 2002. Notably, this includes 15 whole-bank acquisitions completed since the company’s 2015 initial public offering.
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News Source: Businesswire.com
