Equity Bancshares, Inc. (NYSE: EQBK) announced on September 2, 2026, that it has entered into a definitive agreement to acquire Lincoln Bancorp (Lincoln), the parent company of Lincoln Savings Bank. The transaction was unanimously approved by the boards of directors of both companies.
Under the terms of the Agreement and Plan of Reorganization, Lincoln will merge with a wholly owned subsidiary of Equity, with Lincoln surviving as a subsidiary. Following this, Lincoln Savings Bank will merge into Equity Bank. The merger consideration is valued at approximately $123.8 million, based on Equity’s stock price of $49.85 on September 2, 2026.
Lincoln shareholders will receive approximately 77.5% of the consideration in Equity common stock and the remaining 22.5% in cash. The consideration is subject to adjustments based on Lincoln's capital, surplus, and retained earnings, as well as specific credit costs and merger expenses.
As of June 30, 2026, Lincoln reported total assets of $1.7 billion, including $1.2 billion in loans and $1.5 billion in deposits. The transaction is expected to be accretive to Equity’s earnings per share by approximately $0.27 in 2027 and $0.42 in 2028, excluding one-time expenses. Estimated tangible book value dilution is expected to be recovered in less than three years.
Equity reported $7.7 billion in assets as of the same date. Upon completion, the combined company is projected to have approximately $9.1 billion in total assets. Lincoln Savings Bank operates 16 locations in Iowa, including cities such as Des Moines, Cedar Falls, and Waterloo.
The merger is expected to close in the fourth quarter of 2026, subject to customary regulatory and shareholder approvals and the satisfaction of closing conditions.
