Equity Bancshares said it will merge with Lincoln Bancorp in a deal valued at about $123.8 million, adding 16 locations in Iowa and expanding its footprint in a state where it already has a presence.
Under the agreement, Lincoln shareholders will receive about 77.5% of the consideration in Equity stock and 22.5% in cash. The transaction is expected to close in the fourth quarter of 2026.
The combined company would have about $9.1 billion in total assets, up from Equity’s $7.7 billion in assets as of June 30, 2026 and Lincoln’s $1.7 billion in assets at the same date. Lincoln also reported $1.2 billion in loans and $1.5 billion in deposits.
Equity said the deal is expected to add to earnings, with about $0.27 per share of accretion in 2027 and $0.42 per share in 2028. It also said the estimated dilution to tangible book value per share should be earned back in less than three years.
The merger would be Equity’s 27th strategic transaction since its founding in 2002 and its 15th whole-bank acquisition since its 2015 IPO.
Lincoln Savings Bank, founded in 1902, operates in Adel, Allison, Ankeny, Aplington, Cedar Falls, Clive, Des Moines, Garwin, Greene, Grinnell, Hudson, Lincoln, Nashua, Reinbeck, Tama and Waterloo. As a result of these announcements, the company's shares have moved 2.83% on the market, and are now trading at a price of $50.971. For the full picture, make sure to review EQUITY BANCSHARES INC's 8-K report.
