FJ Capital discloses 5.21% Equity Bancshares (EQBK) stake in 13G/A

Rhea-AI Filing Summary

Equity Bancshares Inc. (EQBK) received an updated Schedule 13G/A showing that FJ Capital Management LLC and related entities report beneficial ownership of 993,082 shares of common stock, or 5.21% of the company.

Financial Opportunity Fund LLC holds 963,361 shares (5.05% of the class), and Financial Opportunity Long/Short Fund LLC holds 29,721 shares (0.16%). Martin Friedman, as Managing Member of FJ Capital Management LLC, may be deemed to beneficially own 993,082 shares, but he and FJ Capital each disclaim beneficial ownership beyond their indirect roles. The filers certify the shares were not acquired to change or influence control of Equity Bancshares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

Equity Bancshares Inc. (EQBK)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29460X109

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29460X109

1

Names of Reporting Persons

FJ Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 993,082.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 993,082.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

993,082.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.21 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 963,361 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 47,707 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, of which FJ Capital Management LLC is the managing member, and 211,723 shares of common stock of the Issuer held by managed accounts that FJ Capital Management LLC manages; as such, the Reporting Person may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 29460X109

1

Names of Reporting Persons

Financial Opportunity Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 963,361.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 963,361.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

963,361.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.05 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 963,361 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 29460X109

1

Names of Reporting Persons

Financial Opportunity Long/Short Fund LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 29,721.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 29,721.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,721.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.16 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 47,707 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC.

SCHEDULE 13G

CUSIP No. 29460X109

1

Names of Reporting Persons

Martin Friedman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 993,082.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 993,082.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

993,082.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.21 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 963,361 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 47,707 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, of which FJ Capital Management LLC is the managing member, and 211,723 shares of common stock of the Issuer held by managed accounts that FJ Capital Management LLC manages. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of reported shares but as to which Mr. Friedman disclaims beneficial ownership.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Equity Bancshares Inc. (EQBK)
(b)	Address of issuer's principal executive offices: 7701 East Kellogg Drive, suite 300, Wichita, KS 67207
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Financial Opportunity Long/Short Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Long/Short Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC, Financial Opportunity Long/Short Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 29460X109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 993,082 shares Financial Opportunity Fund LLC - 963,361 shares Financial Opportunity Long/Short Fund LLC - 29,721 shares Martin Friedman - 993,082 shares
(b)	Percent of class: FJ Capital Management LLC - 5.21% Financial Opportunity Fund LLC - 5.05% Financial Opportunity Long/Short Fund LLC - 0.16% Martin Friedman - 5.21%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 993,082 shares Financial Opportunity Fund LLC - 963,361 shares Financial Opportunity Long/Short Fund LLC - 29,721 shares Martin Friedman - 993,082 shares
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 993,082 shares Financial Opportunity Fund LLC - 963,361 shares Financial Opportunity Long/Short Fund LLC - 29,721 shares Martin Friedman - 993,082 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	01/29/2026

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	01/29/2026

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	01/29/2026

Financial Opportunity Long/Short Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	01/29/2026

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	01/29/2026

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	01/29/2026

FAQ

What ownership stake in Equity Bancshares (EQBK) does FJ Capital report?

FJ Capital Management LLC reports beneficial ownership of 993,082 shares of Equity Bancshares common stock, representing 5.21% of the outstanding class. This reflects combined holdings across a fund, a long/short fund, and managed accounts it oversees.

How many Equity Bancshares (EQBK) shares does Financial Opportunity Fund LLC hold?

Financial Opportunity Fund LLC holds 963,361 shares of Equity Bancshares common stock, equal to 5.05% of the class. These shares are reported with shared voting and dispositive power alongside FJ Capital Management LLC as managing member.

What is Martin Friedman’s reported ownership in Equity Bancshares (EQBK)?

Martin Friedman is reported as beneficially owning 993,082 shares of Equity Bancshares, or 5.21% of the class. This reflects his role as Managing Member of FJ Capital Management LLC, though he expressly disclaims beneficial ownership of the reported shares.

Is the Equity Bancshares (EQBK) stake reported as a passive investment?

Yes. The reporting persons certify the securities were not acquired and are not held for the purpose of changing or influencing control of Equity Bancshares. They state the holdings are not connected with any control-related transaction, other than possible nomination activities under Rule 14a-11.

How many Equity Bancshares (EQBK) shares does Financial Opportunity Long/Short Fund LLC own?

Financial Opportunity Long/Short Fund LLC reports 29,721 shares of Equity Bancshares common stock, representing 0.16% of the class. These shares are reported with shared voting and dispositive power and form part of the larger 5.21% position reported by the group.

What level of voting and dispositive power is reported over EQBK shares?

The reporting entities disclose no sole voting or dispositive power over Equity Bancshares shares. They report shared voting and dispositive power over 993,082 shares for FJ Capital and Martin Friedman, and 963,361 and 29,721 shares for the two funds respectively.