Patriot Financial cuts Equity Bancshares (NASDAQ: EQBK) holding to 4.85%

Rhea-AI Filing Summary

Equity Bancshares, Inc. (EQBK) received an amended Schedule 13D from the Patriot Financial Group III, updating its ownership and recent trading activity. Patriot Financial Partners III, L.P. and its related general partners and principals now beneficially own 1,017,214 shares of common stock, representing 4.85% of the outstanding class, based on 20,992,139 shares reported in the company's Form 10-K/A.

The group reports shared voting and dispositive power over all of these shares and no sole power. The stake is held for investment purposes, funded with working capital. Patriot Fund III sold shares in late March and early April 2026 and indicates it may buy or sell additional shares over time, subject to market, regulatory and investment considerations.

Insights

Institutional ownership analyst

Patriot’s Equity Bancshares stake is updated to 4.85% after recent sales.

The amended Schedule 13D shows Patriot Financial Partners III and its affiliates now beneficially own 1,017,214 Equity Bancshares shares, or 4.85% of the common stock, with shared voting and dispositive power across the group entities and principals.

The filing lists several sales by Patriot Fund III between March 23, 2026 and April 6, 2026, indicating a modest reduction that leaves the group just under the 5% threshold often watched for large shareholders. The position continues to be characterized as investment-oriented.

The group notes it may further buy or dispose of common shares or related securities depending on bank regulatory limits, market conditions and its investment assessment. Future ownership levels will therefore depend on these factors rather than any fixed plan disclosed here.

Key Figures

Beneficial ownership: 1,017,214 shares Ownership percentage: 4.85% Shares outstanding: 20,992,139 shares +3 more

6 metrics

Beneficial ownership 1,017,214 shares Equity Bancshares common stock held by Patriot Financial Group III

Ownership percentage 4.85% Percent of Equity Bancshares common stock class

Shares outstanding 20,992,139 shares Equity Bancshares common stock outstanding per Form 10-K/A March 10, 2026

Shared voting power 1,017,214 shares Voting power shared by Patriot Financial entities and principals

Shared dispositive power 1,017,214 shares Shared ability to dispose of Equity Bancshares shares

Sale date 67,554 shares Equity Bancshares shares sold on April 6, 2026 by Patriot Fund III

Key Terms

beneficially owned, shared dispositive power, Schedule 13D, working capital, +2 more

6 terms

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 1,017,214.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power financial

"Shared Power to Dispose or Direct the Disposition 1,017,214"

Schedule 13D regulatory

"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

working capital financial

"Patriot Fund III used working capital to fund the purchase of shares"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

private equity fund financial

"Patriot Fund III is a private equity fund focused on investing in community banks"

A private equity fund is a pooled investment vehicle where a group of investors gives money to professional managers who buy, improve, and later sell private companies or assets. Think of it as a renovation team that buys rundown houses, upgrades them, and sells them for a profit; for investors this can mean higher returns than public stocks but also longer lock-up periods, higher risk, and less liquidity.

Joint Filing Agreement regulatory

"Joint Filing Agreement, dated as of April 8, 2026, by and among Patriot Financial Partners III"

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Equity Bancshares, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29460X109

(CUSIP Number)

James Murphy
Four Radnor Corporate Center, 100 Matsonford Road Suite 210
Radnor, PA, 19087
(215) 399-4650

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

04/06/2026

(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).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 29460X109

1

Name of reporting person

Patriot Financial Partners III, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,017,214.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,017,214.00

11

Aggregate amount beneficially owned by each reporting person

1,017,214.00

12

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

13

Percent of class represented by amount in Row (11)

4.85 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) This calculation is based on 20,992,139 shares of Common Stock of the Company outstanding, as reported in the Company's Form 10-K/A filed on March 10, 2026.

SCHEDULE 13D

CUSIP Number(s): 29460X109

1

Name of reporting person

Patriot Financial Partners GP III, L.P.

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)

AF

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,017,214.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,017,214.00

11

Aggregate amount beneficially owned by each reporting person

1,017,214.00

12

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

13

Percent of class represented by amount in Row (11)

4.85 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) This calculation is based on 20,992,139 shares of Common Stock of the Company outstanding, as reported in the Company's Form 10-K/A filed on March 10, 2026.

SCHEDULE 13D

CUSIP Number(s): 29460X109

1

Name of reporting person

Patriot Financial Partners GP III, 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)

AF

5

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

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,017,214.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,017,214.00

11

Aggregate amount beneficially owned by each reporting person

1,017,214.00

12

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

13

Percent of class represented by amount in Row (11)

4.85 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) This calculation is based on 20,992,139 shares of Common Stock of the Company outstanding, as reported in the Company's Form 10-K/A filed on March 10, 2026.

SCHEDULE 13D

CUSIP Number(s): 29460X109

1

Name of reporting person

W. Kirk Wycoff

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)

AF

5

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

6

Citizenship or place of organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,017,214.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,017,214.00

11

Aggregate amount beneficially owned by each reporting person

1,017,214.00

12

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

13

Percent of class represented by amount in Row (11)

4.85 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) This calculation is based on 20,992,139 shares of Common Stock of the Company outstanding, as reported in the Company's Form 10-K/A filed on March 10, 2026.

SCHEDULE 13D

CUSIP Number(s): 29460X109

1

Name of reporting person

James F. Deutsch

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)

AF

5

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

6

Citizenship or place of organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,017,214.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,017,214.00

11

Aggregate amount beneficially owned by each reporting person

1,017,214.00

12

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

13

Percent of class represented by amount in Row (11)

4.85 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) This calculation is based on 20,992,139 shares of Common Stock of the Company outstanding, as reported in the Company's Form 10-K/A filed on March 10, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Equity Bancshares, Inc.
(c)	Address of Issuer's Principal Executive Offices: 7701 East Kellogg Drive, Suite 300, Wichita, KANSAS , 67207.
Item 2.	Identity and Background
(a)	The following are members of the Patriot Financial Group: i) Patriot Financial Partners III, L.P. a Delaware limited partnership ("Patriot Fund III"); ii) Patriot Financial Partners III GP, L.P., a Delaware limited partnership and the general partner of Patriot Fund III ("Patriot III GP"); iii) Patriot Financial Partners III GP, LLC, a Delaware limited liability company and general partner of Patriot III GP ("Patriot III LLC"); and iv) W. Kirk Wycoff and James F. Deutsch, each of whom serve as general partners of Patriot Fund III and Patriot III GP, are members of Patriot III LLC, are members of the investment committee of Patriot Fund III.
(b)	The business address of each member of the Patriot Financial Group is c/o Patriot Financial Partners IIII, L.P., 100 Matsonford Road, Suite 210, Radnor, Pennsylvania 19087.
(c)	Patriot Fund III is a private equity fund focused on investing in community banks and financial service-related companies throughout the United States. The principal business of Patriot III GP is to serve as the general partner of and to manage Fund III Funds. The principal business of Patriot III LLC is to serve as the general partner of and to manage Patriot GP III. The principal employment of Messrs. Wycoff and Deutsch is investment management with Patriot Fund III, Patriot III GP and Patriot III LLC, as well as other "Patriot Financial Partners" entities and funds.
(d)	During the last five years, no member of the Patriot Financial Group has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(f)	Each natural person who is a member of the Patriot Financial Group is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Patriot Fund III used working capital to fund the purchase of shares of Common Stock of the Company.
Item 4.	Purpose of Transaction
	The shares in the Company were acquired and sold for investment purposes. Except as otherwise described herein or in Item 6 below, no member of the Patriot Financial Group III has any plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Subject to the limitations imposed by applicable federal and state securities laws, Patriot Financial Group III may further dispose of shares of Common Stock in the Company from time to time, subject to market conditions and other investment considerations, and may cause the Purchased Shares to be distributed in kind to investors. To the extent permitted by applicable bank regulatory limitations, each member of the Patriot Financial Group III may directly or indirectly acquire additional shares of Common Stock or associated rights or securities exercisable for or convertible into Common Stock, depending upon an ongoing evaluation of its investment in the Common Stock, applicable legal restrictions, prevailing market conditions, liquidity requirements of such member of the Patriot Financial Group III and/or investment considerations.
Item 5.	Interest in Securities of the Issuer
(a)	Entity : Patriot Fund III Amount Beneficially Owned : 1,017,214 Percent of Class : 4.85% Sole Power to Vote or Direct the Vote : 0 Shared Power to Vote or Direct the Vote : 1,017,214 Sole Power to Dispose or to Direct the Disposition : 0 Shared Power to Dispose or Direct the Disposition : 1,017,214 Entity : Patriot III GP Amount Beneficially Owned : 1,017,214 Percent of Class : 4.85% Sole Power to Vote or Direct the Vote : 0 Shared Power to Vote or Direct the Vote : 1,017,214 Sole Power to Dispose or to Direct the Disposition : 0 Shared Power to Dispose or Direct the Disposition : 1,017,214 Entity : Patriot III LLC Amount Beneficially Owned : 1,017,214 Percent of Class : 4.85% Sole Power to Vote or Direct the Vote : 0 Shared Power to Vote or Direct the Vote : 1,017,214 Sole Power to Dispose or to Direct the Disposition : 0 Shared Power to Dispose or Direct the Disposition : 1,017,214 Entity : W. Kirk Wycoff Amount Beneficially Owned : 1,017,214 Percent of Class : 4.85% Sole Power to Vote or Direct the Vote : 0 Shared Power to Vote or Direct the Vote : 1,017,214 Sole Power to Dispose or to Direct the Disposition : 0 Shared Power to Dispose or Direct the Disposition : 1,017,214 Entity : James F. Deutsch Amount Beneficially Owned : 1,017,214 Percent of Class : 4.85% Sole Power to Vote or Direct the Vote : 0 Shared Power to Vote or Direct the Vote : 1,017,214 Sole Power to Dispose or to Direct the Disposition : 0 Shared Power to Dispose or Direct the Disposition : 1,017,214
(b)	See (a) immediately above.
(c)	No members of the Patriot Financial Group had any transactions in the voting Common Stock (or securities convertible into Common Stock) during the past 60 days, except that Patriot Fund III sold shares of the Common Stock as described below. Date Sold Shares Sold March 23, 2026 16,892 March 31, 2026 5,959 April 1, 2026 44,144 April 2, 2026 65,451 April 6, 2026 67,554
(d)	Other than the Patriot Financial Group, no other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities of the Company referred to in this Item 5.
(e)	April 6, 2026
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	N/A
Item 7.	Material to be Filed as Exhibits.
	Joint Filing Agreement, dated as of April 8, 2026, by and among Patriot Financial Partners III, LP, Patriot Financial Partners GP III, LP, Patriot Financial Partners GP III, LLC, W. Kirk Wycoff and James F. Deutsch, attached hereto as Exhibit 1.

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.

Patriot Financial Partners III, L.P.

Signature:	/s/W. Kirk Wycoff
Name/Title:	Member of Patriot Financial Partners GP III, LLC, the general partner of Patriot Financial Partners GP III, L.P., the general partner of Patriot Finan
Date:	04/08/2026

Patriot Financial Partners GP III, L.P.

Signature:	/s/W. Kirk Wycoff
Name/Title:	Member of Patriot Financial Partners GP III, LLC., the general partner of Patriot Financial Partners GP III, L.P.
Date:	04/08/2026

Patriot Financial Partners GP III, LLC

Signature:	/s/W. Kirk Wycoff
Name/Title:	Member
Date:	04/08/2026

W. Kirk Wycoff

Signature:	/s/W. Kirk Wycoff
Name/Title:	W. Kirk Wycoff
Date:	04/08/2026

James F. Deutsch

Signature:	/s/James F. Deutsch
Name/Title:	James F. Deutsch
Date:	04/08/2026

FAQ

How many Equity Bancshares (EQBK) shares does Patriot Financial Partners III now own?

Patriot Financial Partners III and related entities report beneficial ownership of 1,017,214 Equity Bancshares common shares. This represents 4.85% of the outstanding class, based on 20,992,139 shares reported in the company’s Form 10-K/A filed March 10, 2026.

What percentage of Equity Bancshares (EQBK) is held by the Patriot Financial Group III?

The Patriot Financial Group III reports beneficial ownership of 4.85% of Equity Bancshares’ common stock. This percentage is calculated using 20,992,139 shares outstanding as disclosed in Equity Bancshares’ Form 10-K/A filed on March 10, 2026.

Did Patriot Financial Partners III recently sell Equity Bancshares (EQBK) shares?

Yes. Patriot Fund III reports selling Equity Bancshares common stock on March 23, March 31, April 1, April 2, and April 6, 2026. Each date includes specific share amounts sold, reflecting active portfolio adjustments rather than a complete exit from the position.

Does Patriot Financial Partners III still have influence over Equity Bancshares (EQBK) shares?

The group reports shared voting and shared dispositive power over 1,017,214 Equity Bancshares shares, with no sole power. This means decisions to vote or sell the shares are made collectively across the Patriot Financial entities and named individuals.

Why did Patriot Financial Partners III file an amended Schedule 13D for Equity Bancshares (EQBK)?

The amendment updates ownership levels and recent trading in Equity Bancshares common stock by the Patriot Financial Group III. It reflects their current 4.85% beneficial stake and discloses recent sales and ongoing investment intent, as required when significant ownership changes occur.

What is Patriot Financial Partners III’s stated purpose for holding Equity Bancshares (EQBK) stock?

The filing states the shares were acquired and sold for investment purposes. The group may buy additional shares or further dispose of stock over time, subject to securities laws, bank regulatory limits, market conditions and ongoing evaluation of its investment in Equity Bancshares.