Equity Bancshares to buy Lincoln Bancorp for $123.8M
Equity Bancshares, Inc. (EQBK) agreed to acquire Lincoln Bancorp, parent of Lincoln Savings Bank, through a multi‑step merger in which an EQBK subsidiary will merge into Lincoln, followed by Lincoln and its bank being folded into EQBK and Equity Bank.
Rhea-AI Filing Summary
Equity Bancshares, Inc. (EQBK) agreed to acquire Lincoln Bancorp, parent of Lincoln Savings Bank, through a multi‑step merger in which an EQBK subsidiary will merge into Lincoln, followed by Lincoln and its bank being folded into EQBK and Equity Bank. Lincoln shareholders can elect EQBK stock or cash per share, subject to proration designed to produce approximately 77.5% stock and 22.5% cash overall and to preserve tax‑free reorganization status under Section 368 of the Internal Revenue Code.
The transaction values Lincoln at about $123.8 million based on EQBK’s September 2, 2026 share price of $49.85. As of June 30, 2026 Lincoln had $1.7 billion in assets, including $1.2 billion in loans and $1.5 billion in deposits; combined with EQBK, pro forma assets are expected to be about $9.1 billion after reducing excess liquidity. EQBK projects EPS accretion of 5.1% in 2027 and 7.5% in 2028, with estimated tangible book value dilution of 3.8% earned back in about 2.6 years.
The merger consideration can be reduced if Lincoln’s adjusted capital is below $115.6 million, merger costs exceed $15.2 million, or certain credit costs are unresolved, and increased by $750,000 if conditions tied to winding down Lincoln’s LSBX banking‑as‑a‑service platform are met. Closing is targeted for the fourth quarter of 2026, subject to regulatory and Lincoln shareholder approvals, minimum Lincoln equity of $75 million, and no more than 5% of Lincoln shares exercising dissenters’ rights. Voting and director support agreements cover about 15% of Lincoln’s shares and commit most directors to support the deal and related covenants.
Positive
- Deal economics are projected to be accretive, with EQBK estimating EPS accretion of 5.1% in 2027 and 7.5% in 2028, and tangible book value dilution of 3.8% expected to be earned back in about 2.6 years.
- The acquisition adds a $1.7 billion Iowa franchise and is expected to create a pro forma $9.1 billion-asset platform, expanding EQBK’s presence in Des Moines and Waterloo‑Cedar Falls with a largely core deposit base.
Negative
- None.
Filing Explained
The proposed stock component would leave Lincoln holders with 8.4% of pro forma ownership; the shares are not yet issued.
The agreement is signed but the merger is not complete: if it closes, Equity Bancshares would issue Class A shares and pay cash, with Lincoln holders representing
Because the stock consideration would be newly issued common stock, issuing it would increase the total share count and reduce existing EQBK holders’ percentage ownership, absent offsetting changes; the disclosed ownership figure is conditional on completion.
Equity says it intends to file a Form S-4 registration statement and proxy statement/prospectus for the shares to be issued to Lincoln holders, so the consideration is planned rather than an issuance completed by this filing.
8-K Event Classification
Key Figures
Key Terms
Agreement and Plan of Reorganization regulatory
Section 368 regulatory
Voting Agreement regulatory
Director Support Agreement regulatory
FAQ
What transaction did EQBK announce with Lincoln Bancorp?
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement |
Agreement and Plan of Reorganization
On September 2, 2026, Equity Bancshares, Inc. (the “Company”), a Kansas corporation and the parent company of Equity Bank (“Equity Bank”), a Kansas state bank, entered into an Agreement and Plan of Reorganization (the “Agreement”), by and among the Company, a to be formed Iowa corporation and a wholly owned subsidiary of the Company (“Merger Sub”), and Lincoln Bancorp (“Lincoln”), an Iowa corporation and the parent company of Lincoln Savings Bank (“LSB”), an Iowa state chartered bank. The Agreement was unanimously approved by the Board of Directors of each of the Company and Lincoln.
Subject to the terms and conditions set forth in the Agreement, Merger Sub will merge with and into Lincoln (the “Merger”), with Lincoln surviving as a wholly owned subsidiary of the Company. As soon as reasonably practicable following the Merger, the Company will cause Lincoln to merge with and into the Company, with the Company surviving (the “Second Step Merger”). Following the Second Step Merger, or at such later time as the Company may determine, LSB will merge with and into Equity Bank, with Equity Bank surviving.
Subject to the terms and conditions set forth in the Agreement, at the effective time of the Merger (the “Effective Time”), each share of Class A common stock, par value $0.01 per share, of Lincoln (“Lincoln Class A Stock”), and Class B common stock, par value $0.01 per share, of Lincoln (“Lincoln Class B Stock” and together with the Lincoln Class A Stock, the “Lincoln Stock”), that is issued and outstanding immediately prior to the Effective Time (other than treasury shares and shares that have exercised appraisal rights) will be converted into the right to receive, at the option of each Lincoln stockholder, one of the following: (i) the Per Share Stock Amount (as defined in the Agreement), (ii) the Per Share Cash Amount (as defined in the Agreement) or (iii) for each share of Lincoln Stock with respect to which no election has been made, the right to receive the Per Share Stock Amount or the Per Share Cash Amount will be determined in accordance with the Agreement. The merger consideration is subject to reduction in the event that (a) Lincoln does not deliver a minimum of $115,552,000 of consolidated capital, surplus and retained earnings accounts less all intangible assets, and adjusted to reflect certain merger costs, income and other specified items described in the Agreement, (b) Lincoln’s merger costs exceed $15,200,000, and (c) certain identified credit costs not being resolved prior to closing. The merger consideration is also subject to increase by $750,000 if specified conditions relating to the wind-down of Lincoln’s LSBX banking-as-a-service platform are satisfied on or before the earlier of ten (10) business days prior to the closing date or December 31, 2026. The Agreement has proration procedures designed to result in the total merger consideration being 77.5% the Company’s Class A common stock and 22.5% cash; provided that the Company may, in its sole discretion, increase the cash component of the merger consideration by proportionately increasing the Total Cash Amount (as defined in the Agreement) and decreasing the Total Stock Amount (as defined in the Agreement) in the event the Total Cash Amount is oversubscribed; provided that such additional cash amount shall not prevent or impede the Merger from qualifying as a reorganization as described in Section 368 of the Internal Revenue Code of 1986, as amended. Therefore, shareholder elections of the Per Share Stock Amount or the Per Share Cash Amount may be adjusted accordingly.
The Lincoln Stock for which the holder thereof properly exercises dissenter rights under Iowa law will not be converted into a right to receive the merger consideration.
The Agreement contains customary representations and warranties from both the Company and Lincoln, and each party has agreed to customary covenants, including, among others, covenants relating to the conduct of its business during the interim period between the execution of the Agreement and the closing of the Merger, Lincoln’s obligation to recommend that its shareholders approve the Agreement and the transactions contemplated thereby, and Lincoln’s non-solicitation obligations relating to alternative acquisition proposals.
Pursuant to the terms of the Agreement, at or promptly following the effective time of the Merger, the Company will add one director, mutually agreed to by the Company and Lincoln, to its board of directors.
Completion of the Merger is subject to certain customary conditions, including, among others, (i) subject to certain exceptions, the accuracy of the representations and warranties of each party, (ii) performance in all material respects by each party of its obligations under the Agreement, (iii) the delivery of required closing documents, (iv) receipt of required regulatory and other third-party consents or approvals, (v) the receipt of releases from the directors of Lincoln and certain specified officers, and (v) the absence of any statute, rule, regulation, order, injunction or other action prohibiting the consummation of the Merger. The Company’s obligation to complete the Merger is also subject to, among other things, (A) Lincoln’s equity, after adjusting for the items specified in the Agreement, being at least $75,000,000 and (B) holders of not more than 5% of the outstanding shares of Lincoln Common Stock having duly exercised their dissenters’ rights.
The Agreement provides certain termination rights for both the Company and Lincoln. The Agreement provides that either the Company or Lincoln may terminate the Agreement if, subject to the terms of the Agreement, (i) mutual written consent is given by both parties, (ii) the conditions to the party’s obligations to close the Merger have not been satisfied or waived by June 30, 2027, (iii) the transactions contemplated by the Agreement are disapproved by any regulatory agency whose approval is required, (iv) there has been any material adverse change with respect to the other party, or (iv) the other party has breached its respective covenants or agreements or any of the representations or warranties set forth in the Agreement. The Agreement also provides that Lincoln may terminate the Agreement, subject to the terms of the Agreement, in the event that both (i) the volume weighted average price per share of the Company’s Class A common stock during the twenty (20) trading day period starting with the opening of trading on the twenty-first trading day prior to the calculation date (as defined in the Agreement) is less than eighty percent (80%) of $48.49 (“Company Closing VWAP”), and (ii) the quotient of (A) the Company Closing VWAP, divided by (B) $48.49 is less than the product of (x) the quotient of (i) the 20-day average closing price of the NASDAQ Bank Index (or, if such index is not available, a similar index that may be agreed upon by the parties hereto) over the twenty (20) trading day period beginning on the twenty-first (21st) day prior to the calculation date and ending on the day prior to the calculation date, divided by (ii) 5,230.23 multiplied by (y) 0.80.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is attached hereto as Exhibit 2.1 and is incorporated herein by reference.
The representations, warranties and covenants of each party set forth in the Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them as statements of fact. In addition, such representations and warranties (1) will not survive consummation of the Merger, unless otherwise specified therein, and (2) were made only as of the date of the Agreement or such other date as is specified in the Agreement. Moreover, information concerning the subject matter of the representations, warranties and covenants may change after the date of the Agreement, which subsequent information may or may not be fully reflected in the parties’ public disclosures. Accordingly, the Agreement is included with this filing only to provide investors with information regarding the terms of the Agreement, and not to provide investors with any other factual information regarding the Company or Lincoln, their respective affiliates or their respective businesses. The Agreement should not be read alone, but should instead be read in conjunction with the other information regarding the Company, Lincoln, their respective affiliates or their respective businesses, the Agreement and the Merger as well as the information in the Form 10-K, Forms 10-Q, Forms 8-K and other filings that the Company makes with the Securities and Exchange Commission (the “SEC”).
Voting Agreements. In connection with entering into the Agreement, the Company entered into a Voting Agreement with Lincoln, Brad S. Elliott, as proxy, certain shareholders and all but one member of the Board of Directors of Lincoln (the “Voting Agreement”), who collectively hold the power to vote approximately 15% of the issued and outstanding Lincoln Stock. Pursuant to the Voting Agreement, each such director has agreed, among other things and subject to the terms of the Voting Agreement, to vote the shares of Lincoln Stock of which he or she holds and has the power to vote or direct the voting in favor of the Merger and the other transactions contemplated by the Agreement and against alternative transactions and generally prohibits them from transferring their shares of Lincoln prior to the termination of the Lincoln Voting Agreement.
The foregoing description of the Voting Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Voting Agreements, the form of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Director Support Agreement. In connection with entering into the Agreement, all but one of the directors of Lincoln have entered into a Director Support Agreement with the Company (the “Director Support Agreement”) pursuant to which they agreed to support the transaction and to certain additional restrictive covenants for a period of two years after the date of the Effective Time.
The foregoing description of the Director Support Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Support Agreements, the form of which is attached hereto as Exhibit 10.2 and incorporated by reference herein.
| Item 7.01 | Regulation FD Disclosure. |
On September 3, 2026, the Company issued a press release announcing the execution of the Agreement. A copy of the release is furnished as Exhibit 99.1 and is incorporated by reference herein. On September 3, 2026, the Company also provided supplemental information regarding the transaction in connection with a presentation to analysts and investors. A copy of the investor presentation is furnished as Exhibit 99.2 and is incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.1, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified therein as being incorporated therein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 2.1 | Agreement and Plan of Reorganization, dated September 2, 2026, by and among Equity Bancshares, Inc. and Lincoln Bancorp.* | |
| 10.1 | Form of Voting Agreement, dated September 2, 2026 by and between Equity Bancshares, Inc., Lincoln Bancorp and directors of Lincoln Bancorp | |
| 10.2 | Form of Director Support Agreement, dated September 2, 2026 by and between Equity Bancshares, Inc. and directors of Lincoln Bancorp | |
| 99.1 | Press Release, dated September 3, 2026. | |
| 99.2 | Investor Presentation, dated September 3, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted schedule or exhibit upon request. |
Forward-Looking Statements
This Current Report on Form 8-K may contain forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor provisions provided by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing
and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive. In addition, the following factors, among others, related to the transaction between the Company and Lincoln could cause actual outcomes and results to differ materially from forward-looking statements or historical performance: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where companies do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; Lincoln and the Company’s ability to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction; the failure to obtain the necessary approvals by the shareholders of Lincoln; the failure to satisfy other conditions to completion of the proposed merger, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the business, economic and political conditions in the markets in which the parties operate; the risk that the proposed combination could have an adverse effect the parties’ ability to retain customers and retain or hire key personnel and maintain relationships with customers; the risk that the combination may be more difficult, time-consuming or expensive than anticipated; and other factors that may affect future results of the Company.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026, as amended, and any updates to those risk factors set forth in the Company’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, the Company cannot assess the impact of each factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this Form 8-K are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.
Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, the Company intends to file with the SEC a registration statement on Form S-4 to register the shares of the Company’s Class A common stock to be issued to the shareholders of Lincoln. The registration statement will include a proxy statement/prospectus, which will be sent to the shareholders of Lincoln seeking their approval of the proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, LINCOLN AND THE PROPOSED TRANSACTION. The documents filed by the Company with the SEC may be obtained free of charge at the Company’s investor relations website at investor.equitybank.com or at the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request to Equity Bancshares, Inc., Attn: Investor Relations, 7701 East Kellogg Drive, Suite 300, Wichita, Kansas 67207 or by calling (316) 612-6000.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EQUITY BANCSHARES, INC. | ||||||
| DATE: September 3, 2026 | By: | /s/ Brad S. Elliott | ||||
| Brad S. Elliott | ||||||
| Chief Executive Officer | ||||||
Exhibit 99.1
| EQUITY BANCSHARES, INC. | ||
| PRESS RELEASE | 9/3/26 |
Equity Bancshares, Inc. and Lincoln Bancorp Announce Plans to Merge
WICHITA, Kan., September 3, 2026 (BUSINESSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity,” the “Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, along with Lincoln Bancorp (“Lincoln”), the parent company of Lincoln Savings Bank, headquartered in Reinbeck, Iowa, announced today they have entered into a definitive merger agreement for Lincoln to merge with and into Equity, adding 16 locations to Equity’s franchise. This transaction builds upon Equity’s Iowa presence, providing a platform for expansion in the state.
“This partnership marks an important step in our long-term strategy for Iowa,” said Brad Elliott, Equity’s Chairman & CEO. “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.”
Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Lincoln shareholders will receive approximately 77.5% of the merger consideration in EQBK stock and the remaining 22.5% in cash. Based on Equity’s spot price of $49.85 on September 2, 2026, the total consideration was valued at approximately $123.8 million. Subject to receipt of customary regulatory and shareholder approvals and closing conditions, the merger is expected to close in the fourth quarter of 2026. Following completion, Lincoln Savings Bank will merge with and into Equity Bank.
“What people value most about their community bank is what stays the same,” said Rick Sems, President & CEO of Equity Bank. “This is about giving customers more of what they’ve always counted on from their community bank: local decisions, local people who know their customers by name, and a long-term commitment to the community. By combining our strengths, we’ll have additional resources to invest in local communities and support the initiatives that help them thrive. This year alone, we’ve contributed more than $1.7 million to causes across our markets, and we’re committed to expanding that investment in the years ahead.”
Established in 1902, Lincoln Savings Bank currently operates locations in the following Iowa cities: Adel, Allison, Ankeny, Aplington, Cedar Falls, Clive, Des Moines, Garwin, Greene, Grinnell, Hudson, Lincoln, Nashua, Reinbeck, Tama, and Waterloo. As of June 30, 2026, Lincoln reported $1.7 billion in total assets, including $1.2 billion in loans and $1.5 billion in deposits.
“This is a pivotal moment for our institution and our customers,” said Sally Hollis, Lincoln’s Board Chair. “By joining forces with Equity Bank, we’re combining decades of community banking expertise with the scale and resources needed to deliver even greater value, innovation, and stability for the people and businesses we serve. Our teams share a common commitment to relationship-based banking, and together we’ll be even better positioned to invest in the products, technology, and local presence our customers count on.”
“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,” said Sean Willett, CEO of Lincoln Savings Bank. “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.”
As of June 30, 2026, Equity reported $7.7 billion in assets. Adding Lincoln and adjusting to reduce excess liquidity on the combined balance sheet, proforma will comprise approximately $9.1 billion in total assets for the Equity franchise.
The transaction is expected to be approximately 5.1%, or $0.27, accretive to Equity’s 2027 earnings per share and 7.5%, or $0.42, accretive to Equity’s 2028 earnings per share, excluding the impact of one-time transaction expenses. Estimated tangible book value per share dilution to Equity is expected to be earned back in less than three years.
The combination with Lincoln brings Equity’s total strategic transactions to 27 since the Company’s founding in 2002, including 15 whole-bank acquisitions since the Company’s initial public offering in 2015.
| EQUITY BANCSHARES, INC. | ||
| PRESS RELEASE | 9/3/26 |
Advisors
Equity Bancshares, Inc. was advised by Hovde Group, LLC. Norton Rose Fulbright US LLP served as legal counsel to Equity.
Lincoln Bancorp was advised by Stephens Inc. Alston & Bird LLP served as legal counsel to Lincoln.
Conference Call and Webcast
Equity Chairman & CEO Brad Elliott, Equity Bank President & CEO Rick Sems, and Equity CFO Chris Navratil will hold a conference call and webcast to discuss the merger with Lincoln on September 3, 2026, at 10:00 a.m. eastern time; 9:00 a.m. central time.
Those wishing to participate in the conference call should call the applicable number below and reference the EQBK Conference Call (Meeting ID: 176 797 600):
ANALYST / PARTICIPANT DIAL-IN NUMBERS:
North America (Toll-Free):
1 (833) 461-5787
International (Toll) +1 (585) 542-9983
Click Here for International Dial-Ins
Meeting ID: 176 797 600
To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.
A replay of the call and webcast will be available two hours following the close of the call until September 17, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/176797600
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange under the symbol “EQBK.” Learn more at www.equitybank.com.
About Lincoln Bancorp
Lincoln Bancorp is the parent company of Lincoln Savings Bank. Founded in 1902, Lincoln Savings Bank is headquartered in Reinbeck, IA, and operates 16 locations in the state.
Lincoln Savings Bank is a full-service bank that serves both individuals and businesses in Central and Northeast Iowa. Lincoln offers convenient banking options including checking accounts, savings accounts, personal loans, mortgages, agricultural lending, commercial real estate loans, nonprofit banking services and more.
Important Additional Information
The information contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval.
| EQUITY BANCSHARES, INC. | ||
| PRESS RELEASE | 9/3/26 |
In connection with the proposed transaction, Equity intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 to register the shares of Equity common stock to be issued to the shareholders of Lincoln. The registration statement will include a proxy statement/prospectus, which will be sent to the shareholders of Lincoln seeking their approval of the proposed transaction.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EQUITY, LINCOLN AND THE PROPOSED TRANSACTION.
The documents filed by Equity with the SEC may be obtained free of charge at Equity’s investor relations website at investor.equitybank.com or at the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from Equity upon written request to Equity Bancshares, Inc., Attn: Investor Relations, 7701 East Kellogg Drive, Suite 300, Wichita, Kansas 67207 or by calling (316) 612-6000.
Special Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor provisions provided by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive. In addition, the following factors, among others, related to the transaction between Equity and Lincoln could cause actual outcomes and results to differ materially from forward-looking statements or historical performance: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where companies do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; Lincoln and Equity’s ability to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction; the failure to obtain the necessary approvals by the shareholders of Lincoln; the failure to satisfy other conditions to completion of the proposed merger, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; diversion of management’s attention from ongoing business operations and opportunities; potential
| EQUITY BANCSHARES, INC. | ||
| PRESS RELEASE | 9/3/26 |
adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the business, economic and political conditions in the markets in which the parties operate; the risk that the proposed combination could have an adverse effect the parties’ ability to retain customers and retain or hire key personnel and maintain relationships with customers; the risk that the combination may be more difficult, time-consuming or expensive than anticipated; and other factors that may affect future results of Equity.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026, as amended, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.
Media Contact:
Russell Colburn
Public Relations & Communications Manager
Equity Bancshares, Inc.
913.583.8011
rcolburn@equitybank.com
Investor Contact:
Chris Navratil
EVP, Chief Financial Officer
Equity Bancshares, Inc.
316.612.6014
cnavratil@equitybank.com
Exhibit 99.2 N YS E : E QB K Equity Bancshares Lincoln Bancorp August 2026 Merger with Lincoln Savings Bank September 3, 2026
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor provisions provided by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive. In addition, the following factors, among others, related to the transaction between Equity and Lincoln could cause actual outcomes and results to differ materially from forward-looking statements or historical performance: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where companies do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; Lincoln and Equity’s ability to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction; the failure to obtain the necessary approvals by the shareholders of Lincoln; the failure to satisfy other conditions to completion of the proposed merger, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the business, economic and political conditions in the markets in which the parties operate; the risk that the proposed combination could have an adverse effect the parties’ ability to retain customers and retain or hire key personnel and maintain relationships with customers; the risk that the combination may be more difficult, time-consuming or expensive than anticipated; and other factors that may affect future results of Equity. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026, as amended, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward- looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue. NO OFFER OR SOLICITATION This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. 2
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Transaction Highlights & Strategic Rationale Equity Bancshares, Inc. (NYSE: EQBK) has agreed to acquire Lincoln Bancorp At a Glance • Lincoln Bancorp is the bank holding company for Lincoln Savings Bank, a community bank headquartered in Reinbeck, Iowa – Established Iowa banking franchise serving communities for 120+ years, operating 16 locations across Central and Northeast Iowa • The transaction joins two relationship-based operating philosophies, supported by compatible cultures and a deep dedication to the customers and communities it serves Builds Scale & Establishes a Presence in Attractive Iowa Markets • Establishes a meaningful presence in Des Moines and Waterloo-Cedar Falls, two of the largest MSAs in Iowa • Provides strong core deposit base in a key focus market and a springboard for growth that complements EQBK’s legacy Midwest footprint • Positions EQBK for further bolt-on M&A across Iowa, with >200 banks in Iowa under $2 billion in assets (including 86 between $300 million and $2 billion in assets) 1 Financially Attractive Combination • Meaningful EPS accretion of 5 .1 % an d 7 .5 % o n 2 0 2 7 E an d 2 0 2 8 E, respectively, assuming conservative cost savings of ~30% with 50% realized in 2027 and 75% in 2028 • TBV dilution of 3.8% and TBV earnback estimated at 2.6 years • Attractive pay-to-trade ratio of 70% • Maintain strong pro forma regulatory capital ratios Disciplined M&A Approach & Proven Execution • Iowa footprint enhances strategic direction of EQBK’s established M&A framework – Marks EQBK’s 15th announced full bank transaction since 2015 – Creates a platform to extend and enhance the model Lincoln has built – Structured well within EQBK’s proven merger metrics and disciplined approach to drive shareholder value creation – Comprehensive due diligence process with 70% of the total loan portfolio reviewed with no concentration concerns 1) Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction-related expenses as well as reduction of excess liquidity on combined balance sheet; see Appendix for Pro Forma reconciliations. Pro Forma data is subject to various assumptions and uncertainties. See disclaimer Forward Looking Statements and slide 6 for key financial assumptions 3
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK 1 Compelling Pro Forma Financial Impact Pro Forma Balance Sheet Highlights $9.1B $6.7B $7.7B TOTAL ASSETS TOTAL LOANS TOTAL DEPOSITS Earnings Impact 5.1% | $0.27 7.5% | $0.42 2027E EPS IMPACT 2028E EPS IMPACT Iowa Nebraska Tangible Book Value Impact (3.8%) 2.6 Years TBV DILUTION TBV EARNBACK Kansas Missouri Pro Forma Consolidated Capital At Close EQBK Lincoln Oklahoma Arkansas 8.6% 9.0% 10.6% 13.4% TCE / TA LEVERAGE RATIO CET1 TRBC 1) Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction-related expenses as well as reduction of excess liquidity on combined balance sheet; see Appendix for Pro Forma reconciliations. Pro Forma data is subject to various assumptions and uncertainties. See disclaimer Forward Looking Statements and slide 6 for key financial assumptions 4
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Complementary Loan & Deposit Profiles 1 Pro Forma Cons. & Other Cons. & Other 2% 2% C&D C&D C&D C&I Agri. 5% 12% 13% 20% Agri. C&I Agri. C&I 4% 5% 18% 5% 18% Ag RE Ag RE Ag RE 9% 8% 8% $5.4B $1.2B $6.6B Yield: 5.84% Yield: 6.56% Yield: 6.72% CRE 30% CRE CRE Res. RE Res. RE 29% Res. RE 29% 26% 27% 32% NIB NIB NIB Demand Demand Demand 16% 19% 19% IB IB IB Demand Savings & Demand Demand Savings & Savings & 27% MMDA 24% 23% $6.3B $1.5B $7.8B MMDA MMDA 27% 30% 31% Cost: 1.90% Cost: 2.29% Cost: 1.98% Time Time Time Deposits Deposits Deposits 27% 27% 30% Source: S&P Global Market Intelligence; Data per bank-level regulatory filings as of 6/30/2026 5 1) Excludes purchase accounting adjustments Deposit Composition Loan Composition
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Transaction Overview & Assumptions 1 1 •• T To ot ta all d de ea all v va allu ue e o of f a ap pp pr ro ox xiim ma at te elly y $ $1 12 23 3. .8 8 m miilllliio on n −− S St to oc ck k: : 1 1. .8 89 9 m miilllliio on n s sh ha ar re es s iis ss su ue ed d t to o L Liin nc co olln n •• P Pr ro o f fo or rm ma a o ow wn ne er rs sh hiip p: : 9 91 1. .6 6% % E EQ QB BK K / / 8 8. .4 4% % L Liin nc co olln n −− C Ca as sh h: : $ $2 29 9. .5 5 m miilllliio on n iin n t to ot ta all c ca as sh h c co on ns siid de er ra at tiio on n Pricing 2 2 •• P Pr riic ce e t to o T Ta an ng giib blle e B Bo oo ok k V Va allu ue e: : 1 1. .0 05 5x x 3 3 •• P Pr riic ce e t to o 2 20 02 27 7E E + + C Co os st t S Sa av viin ng gs s: : 5 5. .9 9x x 4 4 •• C Co or re e D De ep po os siit t P Pr re em miiu um m: : 0 0. .4 49 9% % •• P Pa ay y- -t to o- -t tr ra ad de e R Ra at tiio o: : 7 70 0% % 5 5 •• 1 1. .5 5% % o or r $ $1 18 8. .0 0 m miilllliio on n g gr ro os ss s llo oa an n c cr re ed diit t d diis sc co ou un nt t •• 2 2. .3 3% % llo oa an n iin nt te er re es st t r ra at te e m ma ar rk k, , o or r ( ($ $2 27 7. .8 8) ) m miilllliio on n Balance Sheet •• 0 0. .0 01 1% % t tiim me e d de ep po os siit t iin nt te er re es st t r ra at te e m ma ar rk k, , o or r ( ($ $0 0. .0 03 3) ) m miilllliio on n Marks •• ( ($ $7 7. .4 4) ) m miilllliio on n o of f f fa aiir r v va allu ue e m ma ar rk ks s t to o o ot th he er r a as ss se et ts s 6 6 •• 2 2. .0 0% % c co or re e d de ep po os siit t iin nt ta an ng giib blle e, , o or r $ $2 20 0. .7 7 m miilllliio on n •• E Es st tiim ma at te ed d c co os st t s sa av viin ng gs s o of f a ap pp pr ro ox xiim ma at te elly y 3 30 0% % o of f L Liin nc co olln n''s s c co on ns so olliid da at te ed d n no on n- -iin nt te er re es st t e ex xp pe en ns se e Cost Savings & •• P Ph ha as se ed d- -iin n 5 50 0% % iin n 2 20 02 27 7 a an nd d 7 75 5% % iin n 2 20 02 28 8; ; 1 10 00 0% % t th he er re ea af ft te er r Merger Charges •• A Ap pp pr ro ox xiim ma at te elly y $ $2 23 3. .7 7 m miilllliio on n o of f p pr re e- -t ta ax x m me er rg ge er r c ch ha ar rg ge es s •• A An nt tiic ciip pa at te ed d c cllo os siin ng g iin n t th he e f fo ou ur rt th h q qu ua ar rt te er r o of f 2 20 02 26 6 •• L Liin nc co olln n S Sa av viin ng gs s B Ba an nk k e ex xp pe ec ct te ed d t to o c co on nv ve er rt t a an nd d iin nt te eg gr ra at te e iin nt to o E Eq qu uiit ty y B Ba an nk k iin n t th he e s se ec co on nd d Other q qu ua ar rt te er r o of f 2 20 02 27 7 Considerations •• C Cu us st to om ma ar ry y r re eg gu ulla at to or ry y a an nd d s sh ha ar re eh ho olld de er r a ap pp pr ro ov va alls s •• N No o b br ra an nc ch h c cllo os su ur re es s o or r c co on ns so olliid da at tiio on ns s 1) Based on EQBK spot price of $49.85 as of 9/2/2026 2) Based on Lincoln stated consolidated tangible common equity as of 6/30/2026 3) Assumes cost savings are fully phased in 4) Core deposit premium equal to transaction value minus Lincoln consolidated tangible common equity as a percentage of core deposits. Core deposits defined as total deposits less time deposits greater than $100,000 5) See page 7 for depiction of potential credit adjustments to consideration 6) Core deposits defined as total deposits less time deposits 6
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK 1 Pro Forma Results at Different Credit Marks 2 Total Credit Mark $38.3M $28.2M $18.0M Transaction Price Per Share of Lincoln $14.47 $15.58 $16.68 Price / Tangible Book Value Per Share 0.91x 0.98x 1.05x Implied Transaction Pricing & Multiples Price / 2027E + Cost Savings 5.11x 5.50x 5.89x Pay to Trade Ratio 60.9% 65.6% 70.2% Credit Mark % -3.13% -2.30% -1.47% Total Credit Mark Credit Mark ($000’s) ($38,330) ($28,165) ($18,000) Assumptions Lincoln Pro Forma Ownership 7.4% 7.9% 8.4% EQBK TBV Dilution at Close -4.20% -4.02% -3.84% Pro Forma Financial EQBK 2028E EPS Accretion +8.78% +8.12% +7.46% Impact TBV Earnback (Crossover Method) 2.52 years 2.57 years 2.61 years Pro Forma TCE / TA 8.5% 8.6% 8.6% Pro Forma Leverage Ratio 9.0% 9.1% 9.1% Pro Forma Capital Impact at Close Pro Forma Tier 1 Ratio 11.0% 11.1% 11.2% Pro Forma Risk-Based Ratio 13.4% 13.5% 13.5% 1) Based on EQBK spot price of $49.85 as of 9/2/2026; Assumes closing date as of Q4 2026; Transaction multiples not adjusted for purchase accounting 2) Credit mark imbedded in pro forma expectations summarized on slide 6. Included in the definitive merger agreement was a schedule of loans with identified credit marks of $20.3M. If unresolved prior to the effective date, there would be an adjustment to consideration equal to the after-tax cost of the additional mark. If partially resolved there would be an associated price adjustment. The above table depicts a range of scenarios from 7 zero resolution to full resolution.
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Lincoln Savings Bank | Company Overview 1 Company Highlights Presence in Attractive Iowa Markets Deposits in Market • Founded in 1902 Number of Market Share MSA Rank Institution Branches ($M) (%) Headquartered in Reinbeck, IA • • Operates 16 branches in Central and Northeast Iowa 1 FSB Financial Services (IA) 6 $ 1,071 22.2% 2 Lincoln Bancorp (IA) 4 761 15.8% Waterloo- 3 First of Waverly Corp. (IA) 5 494 10.2% Cedar Falls, IA 4 PSB Corp. (IA) 4 320 6 .6% $1.7B $1.2B $1.5B ~81% 5 GNB Bancorp. (IA) 4 210 4 .4% Total Total Total Loans / Assets Loans Deposits Deposits 1 BTC Financial Corp. (IA) 12 $ 4,426 16.5% 2 West Bancorp. (IA) 6 2,562 9 .5% Des Moines- 3 QCR Holdings Inc. (IL) 10 1,272 4 .7% West Des ü Successfully expands EQBK’s franchise 4 Albrecht Financial Svcs Inc. (IA) 6 553 2 .1% Moines, IA 5 Bank Iowa Corp. (IA) 6 512 1 .9% into attractive Iowa markets 9 Lincoln Bancorp (IA) 4 387 1 .4% Sticky In-Market Deposit Franchise Lincoln Savings Bank Branch 8% 16% Waterloo-Cedar ~ ~1 16 6% % Falls MSA 22% NIB Deposits 27% ~ ~2 2. .3 3% % Cost of Total Deposits 27% Des Moines MSA 8 8. .8 8 years NIB Demand LOCATIONS Retail Time (<$250k) Weighted Avg. Account Age NOW & Other Trans. Jumbo Time (>$250k) Savings & MMDA Source: S&P Global Market Intelligence Note: Bank-level data at or for the quarter ended 6/30/2026 8 1) Deposit market share data as of 6/30/2025 based on FDIC Summary of Deposits filing. Only includes banks with less than $10 billion in total assets
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Targeted Expansion Into Iowa Markets D De es s M Mo oi in ne es s H Hi ig gh hl li ig gh ht ts s & & T To op p E Em mp pl lo oy ye er rs s W Wa at te er rl lo oo o- -C Ce ed da ar r F Fa al ll ls s H Hi ig gh hl li ig gh ht ts s & & T To op p E Em mp pl lo oy ye er rs s T o p M i d - S i z e d M e t r o f o r B e s t P l a c e s t o L i v e i n I o w a #2 E c o n o m i c D e v e l o p m e n t #9 ( W a t e r l o o ) ( S i t e S e l e c t i o n M a g a z i n e – 2 0 2 5 ) ( U . S . N e w s & W o r l d R e p o r t – 2 0 2 6 ) T o t a l P o p u l a t i o n G r o w t h C e d a r F a l l s L i v a b i l i t y S c o r e Top ~7% S i n c e 2 0 2 0 N a t i o n a l l y 5% ( F e d e r a l R e s e r v e E c o n o m i c D a t a ) ( A r e a V i b e s – 2 0 2 6 ) C o s t o f L i v i n g & H o u s i n g G r a d e M o s t L i v a b l e C i t y i n t h e U . S . #3 A+ f o r C e d a r F a l l s ( R e a d e r ’ s D i g e s t – 2 0 2 5 ) ( A r e a V i b e s – 2 0 2 6 ) nd Iowa Becomes EQBK’s 2 Largest Market by Deposits #6 $1.5B 5.17% Iowa Iowa Iowa Iowa 20% Market Rank Deposits Market Share Kansas 32% •• E En nh ha an nc ce es s f fo oo ot tp pr ri in nt t a an nd d e es st ta ab bl li is sh he es s E EQ QB BK K a as s a a t to op p I Io ow wa a d de ep po os si it t f fr ra an nc ch hi is se e Arkansas 4% Deposits by •• S Se er rv ve es s a as s a a p pl la at tf fo or rm m f fo or r c co on nt ti in nu ue ed d c co on ns so ol li id da at ti io on n w wi it th h > >2 20 00 0 I Io ow wa a b ba an nk ks s u un nd de er r $ $2 2 Market b bi il ll li io on n i in n a as ss se et ts s ( (i in nc cl lu ud di in ng g 8 86 6 b ba an nk ks s b be et tw we ee en n $ $3 30 00 0 m mi il ll li io on n a an nd d $ $2 2 b bi il ll li io on n i in n a as ss se et ts s) ) Missouri 13% •• E En na ab bl le es s r re el la at ti io on ns sh hi ip p b bu ui il ld di in ng g a an nd d e ex xp pa an nd de ed d w wa al ll le et t s sh ha ar re e a ac cr ro os ss s m ma aj jo or r I Io ow wa a M MS SA As s Oklahoma Nebraska 17% 14% •• A Ad dd ds s m me ea an ni in ng gf fu ul l s sc ca al le e i in n a a s st tr ra at te eg gi ic c f fo oc cu us s m ma ar rk ke et t Source: S&P Global Market Intelligence; U.S. Census Bureau; Greater Des Moines Partnership; Reader’s Digest, FRED, Site Selection Magazine, U.S. News & World Report, AreaVibes 9 Note: Iowa market rank is based on counties with a EQBK / Lincoln physical presence
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK A Clear, Actionable Opportunity in Iowa Scarce Universe of Iowa Targets • Of Iowa’s 86 banks and thrifts that fall within EQBK’s target $300 million – $2 billion asset range, 19 have a presence in Des Moines nd – Iowa’s 2 largest MSA rd • Lincoln is the 3 target in Iowa > $1.5 billion in assets to be 223 acquired since 2000 Banks and Thrifts Headquartered in Iowa Des Moines MSA Market Presence • Lincoln ranked in the top percentile for deposit market share in the Des Moines MSA, reflecting an established franchise in one of 86 the state’s most attractive growth markets $300 Million - $2 Billion in Total Assets Accelerates an Entry Already Underway • Transforms EQBK’s existing loan production presence into a scaled deposit franchise, giving current and prospective Iowa customers a committed and full-service partner 19 Market Presence in Des Moines MSA Well-Positioned For Future Opportunities • EQBK strengthens its position as a preferred acquirer in the Midwest, with the talent and infrastructure in place across legacy and new markets to drive organic growth Source: S&P Global Market Intelligence 10 Note: Excludes pending merger targets from count
Company Profile
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Equity Bancshares, Inc.| NYSE: EQBK Overview $7.7B $5.4B $6.3B $1.022B 1 Assets Loans Deposits Market Cap WICHITA 9.07% 11.84% 14.66% 2 HEADQUARTERS TCE/TA CET 1 TRBC Strategic Execution Of Acquisitions $5.52 10.98% 27.20% EQBK Growth Since Inception CORE EPS CAGR ASSET CAGR M o s t R e c e n t A c q u i s i t i o n : SINCE IPO SINCE IPO F r o n t i e r B a n k M e r g e r C l o s e d o n J a n u a r y 1 , 2 0 2 6 $5.08 $9.1B 4 Core Earnings Per Share $7.7B $1.59 $1.6B SCALE $380M 14 START-UP GROWTH C o m p l e te d B a n k A c q u i s i t i o n s 4 a c q u i s i ti o n s 4 a c q u i s i ti o n s S I NCE I P O 2002 2008 2015 2026 1) Market Cap as of 9/2/2026 Est. IPO 2) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation 12 3) Compound Annual Growth Rate is pro forma as of 2026 year-end with the inclusion of Lincoln Savings Bank 4) 2026 EPS estimate is based on street consensus. EPS inclusive of Lincoln is 2027 consensus estimate plus the impact of the transaction ($0.27)
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Equity Bancshares, Inc.| Leadership Team Brad Elliott Rick Sems Chris Navratil Julie Huber Chairman & CEO Chief Executive Officer Chief Financial Officer Chief Operating Officer Equity Bancshares, Inc. Equity Bank Founded Equity Bank in 2002 and has led the organization to Equity Bank CEO since May 2024, having joined as President Chief Financial Officer since August 2023. Previously served Chief Operating Officer since May 2024. Held a variety of nearly $8B in assets through disciplined organic growth and in May 2023. Prior to Equity, Rick served as Chief Banking as Bank CFO and spent seven years within the Financial senior leadership roles at Equity Bank overseeing over a dozen strategic acquisitions. Named a 2018 EY Officer of First Bank in St. Louis and as President & CEO of Institution Audit Practice at Crowe LLP, bringing rigorous operations, HR, compliance, and sales and training. Served Entrepreneur of the Year National Finalist and recognized as Reliance Bank, bringing deep commercial banking leadership financial reporting and regulatory expertise to the executive as the primary integration lead for each of the bank's Most Influential CEO by the Wichita Business Journal in 2014. to the organization. team. acquisitions. Brett Reber Krzysztof Slupkowski David Pass General Counsel Chief Credit Officer Chief Information Officer Prior to joining Equity Bank, served as Managing Member of Chief Credit Officer since September 2023. Previously Previously served in senior IT leadership positions at UMB Wise & Reber, L.C. Brett has practiced corporate and served as Metro Market CCO at Equity Bank since 2018 and Financial Corporation and CoBiz Financial, overseeing business law for more than 30 years, providing legal counsel held various credit leadership roles at Commerce technology strategy, core systems, and digital infrastructure Bancshares, bringing strong portfolio risk discipline to the across the full spectrum of the bank's corporate, regulatory, across complex multi-bank organizations. organization. and transactional matters. 13
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Our Value Proposition Organic Growth Our guiding principles and Strategic Mergers & Acquisitions commitment to entrepreneurial spirit Disciplined Credit Standards are part of our longstanding framework for Effective Balance Sheet & Capital Management delivering shareholder value EPS & Tangible Book Value Growth 14
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Record of M&A Execution American Community Eastman Cache City Bank & Kansasland Frontier Rockhold First Ind. Prairie State Kansas Bank Adams Dairy Almena State NBC Corp. of First National Holdings, Trust Bancshares, Holdings, Bancorp. Corp. Bancshares Corporation Bancshares State Bank Bancshares, Oklahoma Bancshares Bancshares Inc. Company Inc. LLC Inc. Total Assets $135 $463 $147 $261 $325 $322 $111 $157 $71 $781 $406 $52 $903 $1,400 ($m) Ann. Date 7/28/2015 7/14/2016 10/20/2016 7/17/2017 7/17/2017 12/18/2017 12/18/2017 6/12/2018 10/23/2020 5/17/2021 12/6/2023 4/22/2024 4/2/2025 9/2/2025 Days to 1 73 119 141 116 116 137 137 72 N/A 137 65 70 90 120 Close Days to At Close At Close At Close At Close At Close At Close At Close 54 85 At Close 92 54 52 44 Convert Pricing Multiples P / TBV 1.05x 1.53x 1.40x 1.76x 1.77x 1.41x 1.53x 1.41x N/A 1.11x 1.27x NM 1.45x 1.23x Core Deposit 0.8% 6.7% 6.6% 9.8% 11.0% 6.3% 7.7% 6.1% 1.0% 1.2% 2.8% NM 4.0% 2.9% Premium Transaction Impact EPS 11% 26% 5% 9% 7% 3% 1% 5% 2% 16% 12% 1% 4.6% 7.7% Impact TBV Accretive (9%) (1%) (3%) (2%) (2%) (1%) (2.8%) Accretive (3.7%) (3.4%) (0.03%) (5.0%) (3.9%) Impact TBV Bargain Bargain 3.5 yrs 1.4 yrs 2.8 yrs 2.8 yrs 2.8 yrs 2.7 yrs 2.8 yrs 2.9 yrs 1.3 yrs 0.3 yrs 2.8 yrs 2.8 yrs Earnback Purchase Purchase Note: Transaction impact assumes cost savings are fully realized 1) FDIC deal closed on date of announcement 15
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Metro Markets Equity Bank's metro markets pair nationally ranked livability with diverse, durable economies; spanning corporate headquarters, aerospace, energy, financial services, and capital-city employment anchors. K A N S A S O K L A H O M A W I C H I T A O M A H A L I N C O L N T U L S A D E S M O I N E S C I T Y C I T Y ~665K $73.1K ~1M $91.3K ~354K $79.5K ~817K $69.7K ~2.3M $89.5K ~1.5M $76.7K ~760K $85.4K M a r k e t M e d i a n M a r k e t M e d i a n M a r k e t M e d i a n M a r k e t M e d i a n M a r k e t M e d i a n M a r k e t M e d i a n M a r k e t M e d i a n P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e P o p u l a t i o n H H I I n c o m e 9.40% 12.56% 8.10% 11.88% 10.93% 9.82% 9.96% 5.45% 3.85% 3.29% 2.16% 2.73% 3.13% 2.05% 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 2026 - 2031 Population HHI Growth Population HHI Growth Population HHI Growth Population HHI Growth Population HHI Growth Population HHI Growth Population HHI Growth Growth Growth Growth Growth Growth Growth Growth #10 #4 #6 #2 #6 #3 #1 B e s t S t a t e B e s t M e t r o M o s t L i v a b l e B e s t C i t i e s B e s t C i t i e s B e s t C i t i e s B e s t C i t i e s C a p i t a l t o f o r G r a d u a t e s C i t y i n t h e U S t o L i v e I n t o M o v e T o t o L i v e I n t o M o v e T o L i v e I n ( W a l l S t r e e t ( R e a d e r s ( N i c h e ) ( F o r b e s ) ( W a l l e t H u b ) ( U S N e w s ) J o u r n a l ) D i g e s t ) ( F o r b e s ) C O M P A N I E S H E A D Q U A R T E R E D & L A R G E S T E M P L O Y E R S Source: S&P Global Market Intelligence and Claritas. Demographic data is provided by Claritas based primarily on US Census data. Niche, Forbes, US News & World Report, WalletHub. 16
Appendix
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Comprehensive Due Diligence • Thorough review of key operating areas of the bank over multiple months • Carried out by EQBK team members and leadership across multiple verticals, with deep acquisition and integration experience PROCESS • Detailed credit review OVERVIEW • 70% of total loans • 78% coverage of commercial portfolio • 100% coverage of classified / non-performing / special mentions Due Diligence Scope Credit Quality Finance & Accounting Commercial Lending Operations Information Technology Risk Management Treasury Audit Regulatory Legal Human Resources Compliance 18
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Goodwill and TBV Reconciliation Tangible Book Value Reconciliation ($M) At Close Goodwill Reconciliation ($M) At Close Total Consideration EQBK Common Equity 874.0 $123.8 Lincoln Tangible Common Equity Less: Goodwill and Intangibles 136.1 116.6 Less: Deal Charges Attributable to Lincoln EQBK Tangible Common Equity $737.9 (11.9) Lincoln Tangible Common Equity Merger Adjustments $104.6 FMV Adjustments Stock Consideration to Lincoln 94.3 Loan Rate Mark Goodwill (27.8) (29.8) Loan Credit Mark Core Deposit Intangible (18.0) (20.7) Reversal of ALLL Deal Charges 18.7 (6.9) Other Balance Sheet Related Marks Pro Forma Tangible Common Equity (7.4) $774.9 Core Deposit Intangible 20.7 EQBK Standalone Shares Outstanding 20.6 Total FMV Adjustments ($13.8) EQBK Standalone TBV Per Share $35.86 Tax Adjustments Pro Forma Shares Outstanding 22.5 Deferred Tax Assets / (Liabilities) 3.1 Pro Forma TBV Per Share $34.48 After Tax FMV Adjustments ($10.7) Fair Value of Net Assets Acquired $93.9 TBVPS Accretion / (Dilution) ($) ($1.38) Goodwill Created $29.8 TBVPS Accretion / (Dilution) (%) (3.8%) Pro Forma Tangible Assets $8,964.2 Pro Forma TCE / TA 8.64% Note: Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction related expenses; Pro Forma data is subject to various assumptions and uncertainties. See disclaimer Forward Looking Statements and slide 6 for key financial assumptions 19
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Non-GAAP reconciliations Cal cu la t i o n s o f t an gi b le co m m on e q ui t y a nd rel at e d m e a su re s ($ in thousands, except per share data) Quarter Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Total stockholder's equity $827,258 $817,610 $732,054 $711,892 $635,636 Goodwill (105,356) (104,958) (82,101) (77,573) (53,101) Core deposit intangibles, net (28,296) (30,536) (21,634) (22,895) (12,908) Naming rights, net (5,553) (5,629) (5,703) (5,778) (5,852) Tangible Common Equity $688,053 $676,487 $622,616 $605,646 $563,775 Common shares outstanding at period end 20,567,009 20,767,023 18,944,987 19,111,084 17,527,191 Diluted common shares outstanding at period end 20,811,448 20,946,924 19,196,160 19,279,741 17,680,489 Book value per common share $40.22 $39.37 $38.64 $37.25 $36.27 Tangible book value per common share $33.45 $32.58 $32.86 $31.69 $32.17 Tangible book value per diluted common share $33.06 $32.30 $32.43 $31.41 $31.89 Total assets $7,725,621 $7,667,370 $6,373,172 $6,365,631 $5,373,837 Goodwill (105,356) (104,958) (82,101) (77,573) (53,101) Core deposit intangibles, net (28,296) (30,536) (21,634) (22,895) (12,908) Naming rights, net (5,553) (5,629) (5,703) (5,778) (5,852) Tangible assets $7,586,416 $7,526,247 $6,263,734 $6,259,385 $5,301,976 Total stockholders' equity to total assets 10.71% 10.66% 11.49% 11.18% 11.83% Tangible common equity to tangible assets 9.07% 8.99% 9.94% 9.68% 10.63% 20
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Non-GAAP reconciliations Cal cu la t i o n s o f ret ur n o n ave ra ge t an gi b le com m o n eq u i t y an d e ffic ie nc y r at i o ($ in thousands, except per share data) Quarter Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Total average stockholders' equity $725,651 $715,319 $627,103 $824,633 $841,838 Average intangible assets (108,779) (95,046) (72,406) (140,081) (141,742) Average tangible common equity $684,552 $700,096 $616,872 $620,273 $554,697 Net income (loss) allocable to common stockholders 26,439 16,966 22,084 (29,663) 15,264 Net gain on acquisition - - - - - Net (gain) loss on securities transactions (154) 53,352 (12) 1,213 108 Merger expenses 1,481 6,163 355 133 5,725 Loss on debt extinguishment - - - - 1,361 Day 2 Merger provision - 6,099 - 6,228 - Amortization of intangible assets 1,390 1,312 1,145 2,369 2,056 Tax effect of intangible assets amortization (571) (14,082) (598) (780) (2,937) Core net income (loss) allocable to common stockholders $24,230 $23,310 $17,515 $29,374 $28,017 Return on total average stockholders' equity (ROAE) annualized 12.86% 8.17% 12.07% (16.45)% 9.76% Average tangible common equity $616,872 $620,273 $554,697 $684,552 $700,096 Average impact from core earnings adjustments 1,468 2,476 1,073 26,487 1,126 Core average tangible common equity $686,020 $702,572 $617,945 $646,760 $555,823 Return on total average tangible common equity (ROATCE) annualized 16.59% 10.77% 14.91% (18.31)% 11.69% Core return on total average tangible common equity (CROATCE) annualized 15.56% 14.30% 12.64% 17.17% 16.10% Non-interest expense $46,587 $49,082 $40,001 $46,885 $54,969 Merger expense (133) (5,725) (1,481) (6,163) (355) Amortization of intangible assets (2,369) (2,056) (1,390) (1,312) (1,145) Loss on debt extinguishment - - (1,361) - - Adjusted non-interest expense $43,716 $41,607 $37,140 $44,383 $47,188 Net interest income $63,502 $62,485 $49,802 $73,872 $73,664 Non-interest income 8,058 9,487 9,532 (44,479) 8,589 Net gains (losses) from securities transactions 1,213 108 (154) 53,352 (12) Adjusted non-interest income $9,378 $8,873 $8,577 $9,271 $9,595 Net interest income plus adjusted non-interest income $72,880 $71,358 $58,379 $83,143 $83,259 Non-interest expense to net interest income plus non-interest income 63.79% 272.59% 68.51% 57.23% 66.11% Efficiency ratio 59.98% 58.31% 63.62% 53.38% 56.68% Average Assets $6,141,284 $6,085,064 $5,206,950 $7,330,174 $7,451,709 Core non-interest expense to average assets 2.43% 2.57% 2.82% 2.71% 2.86% 21
Equity Bancshares, Inc. | Merger Investor Presentation NYSE: EQBK Non-GAAP reconciliations Cal cu la t i o n s o f ret ur n o n ave ra ge a s se t s , aver ag e eq u i t y an d o p er at i n g i nco m e ($ in thousands, except per share data) Quarter Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Net income (loss) allocable to common stockholders 26,439 16,966 22,084 (29,663) 15,264 Amortization of intangible assets 2,369 2,056 1,390 1,312 1,145 Tax effect of adjustments (497) (432) (292) (276) (240) Adjusted net income allocable to common stockholders $28,311 $18,590 $23,182 $(28,627) $16,169 Net (gain) loss on securities transactions 1,213 108 (154) 52,352 (12) Merger expenses 133 5,725 1,481 6,163 355 Loss on debt extinguishment 0 - - - 1,361 Day 2 Merger provision 0 6,099 - 6,228 - Tax effect of adjustments (283) (2,505) (279) (13,806) (358) Core net income (loss) allocable to common stockholders $29,374 $28,017 $24,230 $23,310 $17,515 Total average assets $7,330,174 $7,451,709 $6,141,284 $6,085,064 $5,206,950 Total average stockholders' equity $824,633 $841,838 $725,651 $715,319 $627,103 Weighted Average Diluted Shares 20,825,444 21,263,164 19,235,412 19,129,726 17,651,298 Diluted earnings (loss) per share $1.27 $0.80 $1.15 $(1.55) $0.86 Core earnings (loss) per diluted share $1.41 $1.32 $1.26 $1.21 $0.99 Return on average assets (ROAA) annualized 1.45% 0.92% 1.43% (1.93)% 1.18% Core return on average assets annualized 1.61% 1.52% 1.57% 1.51% 1.35% Return on average equity (ROAE) 12.86% 8.17% 12.07% (16.45)% 9.76% Core return on average equity 14.26% 13.41% 13.23% 12.47% 11.18% 22
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