Financial Opportunity Fund holds 5.14% of Equity Bancshares (EQBK)

Rhea-AI Filing Summary

FJ Capital Management LLC and affiliated entities report a material passive position in Equity Bancshares Inc. FJ Capital and Martin Friedman each disclose beneficial ownership of 1,126,096 shares, representing 6.43% of the company’s common stock. Financial Opportunity Fund LLC holds 900,090 shares (5.14%), while Financial Opportunity Long/Short Fund LLC holds 43,980 shares (0.25%).

The filing shows shared voting and dispositive power over the reported shares and states the positions were not acquired to change or influence control of the issuer. The disclosure clarifies ownership through funds and managed accounts for which FJ Capital Management LLC is the managing member.

Positive

• FJ Capital Management LLC discloses a material beneficial ownership of 1,126,096 shares (6.43%)
• Financial Opportunity Fund LLC reports ownership above 5% with 900,090 shares (5.14%)
• Filing includes an explicit certification that the positions are not held to change or influence control

Negative

• None.

Insights

Securities Analyst

TL;DR: Passive but material stakes disclosed; no intent to seek control.

The filing reports that FJ Capital Management LLC (and Martin Friedman as managing member) has shared voting and dispositive power over 1,126,096 shares (6.43%) of EQBK, with Financial Opportunity Fund LLC holding 900,090 shares (5.14%). These positions cross the SEC 5% reporting threshold and are therefore material disclosures for holders and analysts. The filer certifies the shares are not held to influence control, indicating a passive investment posture. Investors should note the structure: holdings are held through funds and managed accounts, which can affect how influence is exercised despite the filer disclaiming control.

Corporate Governance Expert

TL;DR: Material ownership disclosed but explicitly not intended to change control.

The schedule identifies shared voting power rather than sole voting power, and the certification states the positions were not acquired to change or influence issuer control. From a governance perspective, crossing the 5% threshold triggers regulatory transparency and could draw attention from management and other shareholders, yet the explicit non-control statement signals no immediate proxy or control agenda. The mix of fund holdings and managed accounts means derivative influence could exist, but the filing contains no statement of an activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Equity Bancshares Inc. (EQBK)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29460X109

(CUSIP Number)

06/30/2025

(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 1,126,096.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,126,096.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,126,096.00

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)

6.43 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6 and 9 of this page: Consists of 900,090 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 43,980 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 182,026 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 900,090.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 900,090.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

900,090.00

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)

5.14 %

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 900,090 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 43,980.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 43,980.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

43,980.00

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)

0.25 %

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 43,980 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 1,126,096.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,126,096.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,126,096.00

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)

6.43 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 6 and 9 of this page: Consists of 900,090 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 43,980 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 182,026 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 - 1,126,096 shares Financial Opportunity Fund LLC - 900,090 shares Financial Opportunity Long/Short Fund LLC - 43,980 shares Martin Friedman - 1,126,096 shares
(b)	Percent of class: FJ Capital Management LLC - 6.43% Financial Opportunity Fund LLC - 5.14% Financial Opportunity Long/Short Fund LLC - 0.25% Martin Friedman - 6.43%
(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 - 1,126,096 shares Financial Opportunity Fund LLC - 900,090 shares Financial Opportunity Long/Short Fund LLC - 43,980 shares Martin Friedman - 1,126,096 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 - 1,126,096 shares Financial Opportunity Fund LLC - 900,090 shares Financial Opportunity Long/Short Fund LLC - 43,980 shares Martin Friedman - 1,126,096 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	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:	07/16/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Long/Short Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

FAQ

How many EQBK shares does FJ Capital Management LLC report owning?

1,126,096 shares, representing 6.43% of Equity Bancshares common stock

What stake does Financial Opportunity Fund LLC hold in EQBK?

900,090 shares, representing 5.14% of the class

Does the filing indicate an intent to influence control of Equity Bancshares (EQBK)?

No. The filing certifies the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer

Who is the managing member associated with these filings for EQBK?

Martin Friedman is identified as the Managing Member and is associated with the reported positions

What percentage of EQBK does Martin Friedman effectively report beneficial ownership of?

6.43% (1,126,096 shares) as reported in the Schedule 13G/A