[SCHEDULE 13D] Equity Bancshares, Inc. SEC Filing

Rhea-AI Filing Summary

Schedule 13D Snapshot – Equity Bancshares, Inc. (EQBK)

Fergeson Capital LLC and its manager, C. Kendric Fergeson, disclosed beneficial ownership of 1,729,783 Class A shares of Equity Bancshares, representing 9.88 % of the 17,515,494 shares outstanding as of 28 Feb 2025. The stake was received on 2 Jul 2025 through the share-for-share merger whereby NBC Corp. of Oklahoma was combined with EQBK (exchange ratio 3.219 EQBK shares per NBC share) under the April 2025 Reorganization Agreement.

Reporting persons

• Fergeson Capital LLC – Oklahoma family investment vehicle; sole voting & dispositive power over the entire position.
• C. Kendric Fergeson – Retired banker, EQBK board member; shares voting & dispositive power in his role as manager of Fergeson Capital.

Intent & governance – The position is held for investment and dividend income. The filing expressly states no current plans for additional acquisitions, corporate transactions, board changes, or alterations to EQBK’s capital structure, though normal open-market trading is not ruled out.

Key implications for investors

• Nearly 10 % insider-aligned ownership may improve governance alignment and market confidence.
• The post-NBC merger cap-table now includes a sizeable long-term holder with board representation, potentially influencing future strategic direction.
• No activist agenda signalled; impact is primarily ownership disclosure rather than an operational change.

Positive

• Insider-aligned stake of 9.88 % improves alignment between board member Fergeson and minority shareholders, potentially supporting long-term value creation.
• No cash outlay for EQBK as shares were issued via stock-for-stock merger, preserving the bank’s liquidity.

Negative

• None.

Insights

Financial Analyst

TL;DR: 9.88 % insider stake from merger signals confidence but no immediate strategic shake-up; modestly positive governance angle.

The filing formalises a significant ownership block created by the NBC merger. Because the shares were issued in an all-stock transaction, EQBK’s cash position is unaffected. An almost-10 % stake held by a board member generally aligns management and shareholder interests, which the market often views favourably. However, the declaration of no current plans for further action suggests limited near-term catalytic impact. Overall, the disclosure is noteworthy for governance optics rather than financial fundamentals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Equity Bancshares, Inc

(Name of Issuer)

Class A Common Stock, par value $0.01 per share

(Title of Class of Securities)

29460X109

(CUSIP Number)

C. Kendric Fergeson
Manager of Fergeson Capital LLC, 123 W Commerce Street
Altus, OK, 73521
405-365-4002

Evan J. Crumpley
McAfee & Taft, Two Leadership Square, 8th Floor, 211 N Robinson
Oklahoma City, OK, 73102
405-552-2276

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/02/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 29460X109

1

Name of reporting person

Fergeson Capital, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

OKLAHOMA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,729,783.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,729,783.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,729,783.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.88 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) Based on 17,515,494 shares of Common Stock outstanding as of February 28, 2025, as reported on the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.

SCHEDULE 13D

CUSIP No. 29460X109

1

Name of reporting person

Clint Kendric Fergeson, not individually, but solely in his capacity as Manager of Fergeson Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,729,783.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,729,783.00

11

Aggregate amount beneficially owned by each reporting person

1,729,783.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.88 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) Mr. Fergeson is the sole manager of, and thereby has voting power over the shares held by, Fergeson Capital LLC (2) Based on 17,515,494 shares of Common Stock outstanding as of February 28, 2025, as reported on the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.01 per share
(b)	Name of Issuer: Equity Bancshares, Inc
(c)	Address of Issuer's Principal Executive Offices: 7701 E. Kellogg Drive, Suite 300, Wichita, KANSAS , 67207.
Item 1 Comment: This Schedule 13 D relates to the Class A Common Stock, par value $0.01 per share (the "Common Stock"), of Equity Bancshares, Inc., a Kansas corporation (the "Issuer"). The principal executive offices of the Issuer are located at 7701 E. Kellogg Drive, Suite 300, Wichita, KS 67207.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed by or on behalf of the following persons (each a "Reporting Person" and collectively, the "Reporting Persons"): (i) Fergeson Capital LLC, an Oklahoma limited liability company (the "Company"); and (ii) Clint Kendric Fergeson, not individually but solely in his capacity as the Manager of the Company ("Mr. Fergeson")
(b)	The address of each Reporting Person is 123 W Commerce Street, Altus, Oklahoma 73126.
(c)	The principal business of Fergeson Capital LLC is to invest the assets of the Fergeson family for the benefit of the family members. Mr. Fergeson is a retired banker that currently serves on the Board of Directors of the Issuer.
(d)	During the law five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic conditions or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, and none of the Reporting Persons was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The Company is a limited liability company organized under the laws of the State of Oklahoma. Mr. Fergeson is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	On July 2, 2025, the Issuer completed the transactions contemplated by that Agreement and Plan of Reorganization dated April 2, 2025 (the "Reorganization Agreement") with Red River Merger Sub, Inc., which is a wholly owned subsidiary of the Issuer ("Merger Sub") and NBC Corp. of Oklahoma ("NBC"). Pursuant to the Reorganization Agreement, the Merger Sub will be merged with and into NBC, which will be the surviving entity of such initial merger. Subsequent to this initial merger, NBC will be merged with and into the Issuer, making the Issuer the surviving entity of such subsequent merger (the "Merger"). Upon the closing of the transactions contemplated by the Reorganization Agreement, each outstanding share of NBC's capital stock was automatically converted into the right to receive 3.219 shares of the Issuer's Class A Common Stock. The number of shares of the Issuer's Class A Common Stock contemplated by this filing were obtained in connection with the Reorganization Agreement.
Item 4.	Purpose of Transaction
	The shares of Class A Common Stock were acquired by the Reporting Persons for investment purposes to profit from the appreciation in the market price of the Class A Common Stock and through the payment of dividends, if any. While the Company intends to exercise its rights as a stockholder of the Issuer, and while Mr. Fergeson intends to serve in his capacity as Manager of the Company and as a member of the Board of Directors of the Issuer, neither Reporting Person has any plans or proposals which relate to or would result in: the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, other than purchasers in the open market in the normal course of business; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure; (g) any change in the Issuer's charter or bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized or quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	Fergeson Capital LLC possesses the sole voting power and dispositive power and beneficially owns 1,729,783, or 9.88% of the outstanding Class A Common Stock of the Issuer. Mr. Fergeson, not individually but in his capacity as the sole manager of Fergeson Capital LLC, possesses shared voting and dispositive power and beneficially owns 1,729,783, or 9.88% of the outstanding Class A Common Stock of the Issuer. The percentages used in this Schedule 13D are based upon 17,515,494 shares of Common Stock outstanding as of February 28, 2025, as reported on the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2025.
(b)	Fergeson Capital LLC possesses the sole voting power and dispositive power and beneficially owns 1,729,783, or 9.88% of the outstanding Class A Common Stock of the Issuer. Mr. Fergeson, not individually but in his capacity as the sole manager of Fergeson Capital LLC, possesses shared voting and dispositive power and beneficially owns 1,729,783, or 9.88% of the outstanding Class A Common Stock of the Issuer.
(c)	On July 2, 2025, Fergeson Capital LLC and Mr. Fergeson acquired all the 1,729,783, or 9.88% of the outstanding Class A Common Stock of the Issuer, pursuant to the closing of the transactions contemplated by the Reorganization Agreement, as discussed in Item 3, above. These shares of Class A Common Stock were acquired pursuant to the mergers of NBC with and into the Issuer, and no monetary consideration was used to acquire the shares.
(d)	Not Applicable.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Fergeson Capital, LLC

Signature:	/s/ C. Kendric Fergeson, Manager
Name/Title:	C. Kendric Fergeson, Manager
Date:	07/10/2025

Clint Kendric Fergeson, not individually, but solely in his capacity as Manager of Fergeson Capital LLC

Signature:	/s/ C. Kendric Fergeson
Name/Title:	Clint Kendric Fergeson, not individually, but solely in his capacity as Manager of Fergeson Capital LLC
Date:	07/10/2025

FAQ

How many Equity Bancshares (EQBK) shares does Fergeson Capital now own?

1,729,783 Class A shares, representing 9.88 % of shares outstanding.

What triggered the Schedule 13D filing for EQBK?

The 2 Jul 2025 closing of the NBC Corp. merger, which delivered EQBK shares to Fergeson Capital.

Did Fergeson Capital pay cash for the EQBK shares?

No. The shares were issued in a stock-for-stock exchange (3.219 EQBK per NBC share) under the Reorganization Agreement.

Does the reporting group plan to change Equity Bancshares’ strategy or board composition?

The filing states no current plans for additional acquisitions, board changes, or other corporate actions.

Who is C. Kendric Fergeson in relation to Equity Bancshares?

He is a board member of EQBK and the sole manager of Fergeson Capital LLC.