Equity Bancshares and Lincoln Bancorp agree $123.8m merger 

Equity Bancshares has signed a definitive agreement to merge with Lincoln Bancorp in a transaction valued at about $123.8m.  

The deal will bring 16 Lincoln Savings Bank branches into Equity’s network. 

Lincoln Bancorp is the parent of Lincoln Savings Bank, while Equity Bancshares is the Wichita-based holding company for Equity Bank.  

The planned tie-up would extend Equity’s operations in Iowa. 

Lincoln investors are set to receive merger consideration made up of roughly 77.5% Equity stock and 22.5% cash.  

Using Equity’s share price of $49.85 on 2 September 2026, the total value of the transaction was placed at about $123.8m. 

Completion is targeted for the fourth quarter of 2026, subject to regulatory clearance, shareholder approval and other customary conditions.  

After the deal is finalised, Lincoln Savings Bank is due to be merged into Equity Bank. 

Lincoln Savings Bank, founded in 1902, has offices in Adel, Allison, Ankeny, Aplington, Cedar Falls, Clive, Des Moines, Garwin, Greene, Grinnell, Hudson, Lincoln, Nashua, Reinbeck, Tama and Waterloo in Iowa. 

Lincoln reported total assets of $1.7bn, with $1.2bn in loans and $1.5bn in deposits as of 30 June 2026.  

Equity reported assets of $7.7bn at the same date. After including Lincoln and making adjustments to lower surplus liquidity on the combined balance sheet, the enlarged group would have about $9.1bn in total assets on a pro forma basis. 

Equity Chairman & CEO Brad Elliott said: “This partnership marks an important step in our long-term strategy for Iowa. 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.” 

Thetransaction is projected to add around 5.1%, or $0.27, to Equity’s earnings per share in 2027 and 7.5%, or $0.42, in 2028, excluding one-off deal costs. The expected dilution to tangible book value per share is forecast to be recovered in under three years. 

With this agreement, Equity’s total number of strategic transactions since its establishment in 2002 would reach 27, including 15 whole-bank acquisitions completed since its 2015 initial public offering. 

Lincoln Savings Bank CEO Sean Willett said: “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.  

“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.”