Equity Bancshares, Inc. (EQBK) and Lincoln Bancorp have entered into a definitive merger agreement under which Lincoln will merge into Equity, the two companies announced. The deal is valued at approximately $123.8 million, based on Equity’s share price of $49.85 on September 2, 2026.
Under the terms of the agreement, Lincoln shareholders will receive approximately 77.5% of the merger consideration in EQBK stock and the remaining 22.5% in cash. Both companies’ boards of directors unanimously approved the transaction.
Lincoln Bancorp is the parent company of Lincoln Savings Bank, which was founded in 1902 and operates 16 locations across Iowa. As of June 30, 2026, Lincoln reported $1.7 billion in total assets, $1.2 billion in loans, and $1.5 billion in deposits.
Equity, the Wichita, Kansas-based holding company of Equity Bank, reported $7.7 billion in assets as of June 30, 2026. The combined entity, after adjustments to reduce excess liquidity, is projected to have approximately $9.1 billion in total assets.
The transaction is expected to be approximately 5.1%, or $0.27, accretive to Equity’s 2027 earnings per share and 7.5%, or $0.42, accretive to its 2028 earnings per share, excluding one-time transaction expenses. Tangible book value per share dilution is expected to be earned back in less than three years.
