Equity Bancshares Inc. agreed to acquire Lincoln Bancorp, the parent of Lincoln Savings Bank, for approximately $123.8 million, the companies said on Thursday. The transaction values Lincoln Savings Bank at $123.8 million, with Lincoln shareholders receiving 77.5% of the consideration in Equity Bancshares stock and the remaining 22.5% in cash.
The deal is priced using Equity Bancshares’ closing stock price of $49.85 on Tuesday. Lincoln Savings Bank, established in 1902 and headquartered in Reinbeck, Iowa, will merge into Equity Bank upon completion. Both boards of directors have unanimously approved the merger agreement.
Lincoln Savings Bank reported total assets of $1.7 billion as of June 30, including loans of $1.2 billion and deposits of $1.5 billion. Equity Bancshares, which had total assets of $7.7 billion, expects the combined entity to reach approximately $9.1 billion in total assets. The transaction is projected to be 5.1% accretive to Equity’s 2027 earnings per share, excluding one-time costs, and 7.5% accretive in 2028.
The acquisition adds 16 branches across Iowa to Equity’s network, including locations in Adel, Allison, Ankeny, Cedar Falls, Des Moines, Grinnell, Hudson, Reinbeck, Waterloo and others. The deal marks Equity Bancshares’ 27th strategic transaction since 2002 and its 15th whole-bank acquisition since its 2015 initial public offering.
The transaction is expected to close in the fourth quarter of 2026, pending regulatory and shareholder approvals.
