Monitor the Lincoln special meeting on Nov. 19, 2026, for shareholder vote outcome and any material changes to the estimated credit costs and adjusted equity, as these could reduce the merger consideration. Regulatory approvals from the Federal Reserve and OSBC are pending but not yet received.
Price Chart
Executive Summary
Equity Bancshares (EQBK) filed Amendment No. 1 to its S-4 registration statement for the acquisition of Lincoln Bancorp. The transaction is valued at approximately $121.2 million, consisting of ~$91.7 million in EQBK stock and ~$29.5 million in cash, with Lincoln shareholders receiving 0.3368 EQBK shares or $16.33 per share. The merger is subject to Lincoln shareholder approval (special meeting Nov. 19, 2026), regulatory approvals, and other customary closing conditions, with closing expected in Q4 2026.
Key Facts
- Aggregate merger consideration of approximately $121,182,541, consisting of ~$91,727,028 in EQBK stock and ~$29,455,513 in cash.
- Lincoln shareholders will receive 0.3368 shares of EQBK common stock or $16.33 in cash per share, subject to proration and downward adjustment.
- Merger consideration is subject to reduction if Lincoln's adjusted equity is below $115,552,000, merger costs exceed $15,200,000, or credit costs exceed $0.
- Lincoln estimates adjusted equity of ~$115.6M, merger costs of ~$14.7M, and credit costs of ~$14.2M as of Oct. 12, 2026.
- Lincoln special meeting scheduled for Nov. 19, 2026; holders of ~15.38% of Lincoln stock have agreed to vote in favor.
- Pro forma combined company would have total assets of ~$9.38B, deposits of ~$7.77B, and stockholders' equity of ~$896.7M.
- Pro forma basic EPS for the six months ended June 30, 2026 is $1.36; for the year ended Dec. 31, 2025, it is $0.45.
- Lincoln reported a net loss of $13.2M for the six months ended June 30, 2026, including a $15.7M loss on sale of securities.
- Lincoln's non-performing loans were $51.2M (4.33% of gross loans) at June 30, 2026, up from $36.5M (3.13%) at Dec. 31, 2025.
- The merger is intended to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code.
Financial Impact
Aggregate merger consideration of ~$121.2M; pro forma combined assets of ~$9.38B; pro forma basic EPS of $1.36 (H1 2026) and $0.45 (FY 2025).
Risk Factors
- Downward adjustment to merger consideration if adjusted equity, merger costs, or credit costs underperform current estimates.
- Lincoln's elevated non-performing loans (4.33% of gross loans) and recent net loss could pressure deal economics.
- Failure to obtain required regulatory approvals or shareholder approval could terminate the merger.
- Integration risks and potential loss of key employees or customers post-merger.
Investment Themes
Documents Analyzed
This report is based on 16 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4/A Filing (Primary) | 0001193125-26-424272 |
| Document: d150167dex81.htm | 0001193125-26-424272 |
| Document: d150167dex82.htm | 0001193125-26-424272 |
| Document: d150167dex51.htm | 0001193125-26-424272 |
| Document: d150167dex992.htm | 0001193125-26-424272 |
| Document: d150167dex993.htm | 0001193125-26-424272 |
| Document: d150167dex994.htm | 0001193125-26-424272 |
| Document: d150167dex991.htm | 0001193125-26-424272 |
| Document: d150167dex995.htm | 0001193125-26-424272 |
| Document: d150167dex231.htm | 0001193125-26-424272 |
| Document: d150167dex235.htm | 0001193125-26-424272 |
| Document: d150167dex233.htm | 0001193125-26-424272 |
| Document: d150167dex234.htm | 0001193125-26-424272 |
| Document: 0001193125-26-424272-index-headers.html | 0001193125-26-424272 |
| Document: 0001193125-26-424272-index.html | 0001193125-26-424272 |
| Document: 0001193125-26-424272.txt | 0001193125-26-424272 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | EFFECT | $47.54 | awaiting T+5 | — | $49.13 (+3.36%) |
Oct 16, 2026 9d ago | S-4/A | $47.23 | awaiting T+5 | — | $49.13 (+4.03%) |
Oct 16, 2026 10d ago | 425 | $47.51 $48.64 | ▲ +2.38% | ▲ +2.29% | $49.13 (+3.42%) |
Oct 14, 2026 11d ago | 8-K | $46.68 $48.64 | ▲ +4.20% | ▲ +5.21% | $49.13 (+5.26%) |
Oct 6, 2026 19d ago | 425 | $47.00 $46.57 | ▼ −0.91% | ▲ +0.07% | $49.13 (+4.54%) |
Oct 2, 2026 23d ago | S-4 | $47.54 $47.23 | ▼ −0.65% | ▼ −1.07% | $49.13 (+3.36%) |
Oct 2, 2026 23d ago | 8-K | $47.54 $47.23 | ▼ −0.65% | ▼ −1.07% | $49.13 (+3.36%) |
Sep 22, 2026 4w ago | 425 | $47.58 $47.14 | ▼ −0.92% | ▼ −0.25% | $49.13 (+3.27%) |
Sep 18, 2026 5w ago | 425 | $48.38 $47.81 | ▼ −1.19% | ▼ −0.17% | $49.13 (+1.55%) |
Sep 4, 2026 7w ago | 425 | $50.13 $50.14 | ▲ +0.02% | ▲ +1.14% | $49.13 (−1.98%) |
US Market Status
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