Equity Bancshares to Buy Lincoln Bancorp for $123.8 Million
The Wichita-based holding company said the mixed stock-and-cash deal builds on its Iowa footprint and is expected to close in the fourth quarter of 2026.
Equity Bancshares, Inc. (EQBK) agreed to acquire Lincoln Bancorp in a mixed stock-and-cash transaction valued at approximately $123.8 million.
About 77.5% of the merger consideration will be paid in Equity stock, with the remaining 22.5% in cash. The deal is expected to close in the fourth quarter of 2026.
The Wichita-based holding company of Equity Bank said the transaction builds on its Iowa presence and provides a platform for expansion in the state. Equity already operates a loan production office in West Des Moines, Iowa, after completing its merger with Frontier Holdings, LLC, in January 2026, which added seven Nebraska locations and brought the company’s footprint to six states.
“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,” said Brad Elliott, Equity’s Chairman & CEO.
The Frontier deal, announced in September 2025, left Equity with approximately $7.9 billion in pro forma consolidated assets and full-service locations in Arkansas, Kansas, Missouri, Nebraska, and Oklahoma. In the first quarter of 2026, the company reported net income of $17.0 million, or $0.80 a share, and net interest income was $73.7 million, up 16.0% from the prior quarter and 46.5% from a year earlier. Adjusting for pretax merger expenses, including provisioning for acquired loan assets, tax-effected at 23%, net income was $26.3 million, or $1.23 a share.
Elliott said Nebraska was an ideal expansion market and that the company had grown the balance sheet by more than 40% in the past nine months. The Lincoln deal extends that same dual-pronged growth approach into a state where Equity has already placed a lending office.
The combined company will continue to operate under the Equity name. Closing remains subject to regulatory approval, shareholder votes, and other customary conditions.