Patriot Financial Partners Amends Equity Bancshares Stake

TL;DR

**Patriot Financial Partners just updated their stake in Equity Bancshares, signaling a potential shift in their investment thesis.**

AI Summary

Patriot Financial Partners III, L.P. filed an Amendment No. 1 to their Schedule 13D on January 12, 2024, indicating a change in their beneficial ownership of Equity Bancshares, Inc. common stock. This filing updates their previous disclosure regarding their stake in the company, which is a state commercial bank based in Wichita, KS. This matters to investors because it signals that a significant institutional investor, Patriot Financial Partners, is adjusting its position, which could reflect their updated outlook on Equity Bancshares' future performance or strategic direction.

Why It Matters

This filing shows an institutional investor, Patriot Financial Partners III, L.P., has updated its ownership position in Equity Bancshares, Inc., which can influence market perception and potentially the stock price.

Risk Assessment

Risk Level: medium — Changes in significant institutional ownership can introduce volatility and uncertainty regarding the company's future direction or valuation.

Analyst Insight

Investors should monitor subsequent filings from Patriot Financial Partners III, L.P. to understand the nature of their ownership changes (e.g., buying or selling) and consider how this might align with their own investment thesis for Equity Bancshares, Inc.

Key Players & Entities

• Patriot Financial Partners III, L.P. (company) — the reporting person and institutional investor
• Equity Bancshares, Inc. (company) — the subject company whose common stock is being reported
• James F. Deutsch (person) — a group member associated with Patriot Financial Partners
• W. Kirk Wycoff (person) — a group member associated with Patriot Financial Partners
• David Honold (person) — person authorized to receive notices for Patriot Financial Partners
• Terrence Kerwin, Esq. (person) — legal counsel for Patriot Financial Partners

Forward-Looking Statements

• Patriot Financial Partners III, L.P. may be adjusting its investment strategy regarding Equity Bancshares, Inc. (Patriot Financial Partners III, L.P.) — medium confidence, target: Q1 2024

FAQ

Filing Documents

• tm243237d1_sc13da.htm (SC 13D/A) — 142KB
• 0001104659-24-003524.txt ( ) — 143KB

(d) OR 2(e)

ITEM 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 8 SHARED VOTING POWER 1,002,214 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 1,002,214 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,214 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.50% (1) 14 TYPE OF REPORTING PERSON PN (1) This calculation is based on 15,413,064 shares of Common Stock, of the Company outstanding, as reported in the Company’s Current Report on Form 10-Q filed on November 9, 2023. CUSIP No. 29460X109 13D Page 3 of 11 Pages 1 NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Patriot Financial Partners GP III, L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS AF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO

(d) OR 2(e)

ITEM 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 8 SHARED VOTING POWER 1,002,214 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 1,002,214 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,214 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.50% (1) 14 TYPE OF REPORTING PERSON PN (1) This calculation is based on 15,413,064 shares of Common Stock, of the Company outstanding, as reported in the Company’s Current Report on Form 10-Q filed on November 9, 2023. CUSIP No. 29460X109 13D Page 4 of 11 Pages 1 NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Patriot Financial Partners GP III, LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS AF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO

(d) OR 2(e)

ITEM 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 8 SHARED VOTING POWER 1,002,214 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 1,002,214 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,214 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.50% (1) 14 TYPE OF REPORTING PERSON CO (1) This calculation is based on 15,413,064 shares of Common Stock, of the Company outstanding, as reported in the Company’s Current Report on Form 10-Q filed on November 9, 2023. CUSIP No. 29460X109 13D Page 5 of 11 Pages 1 NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) W. Kirk Wycoff 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS AF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO

(d) OR 2(e)

ITEM 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 8 SHARED VOTING POWER 1,002,214 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 1,002,214 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,214 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.50% (1) 14 TYPE OF REPORTING PERSON IN (1) This calculation is based on 15,413,064 shares of Common Stock, of the Company outstanding, as reported in the Company’s Current Report on Form 10-Q filed on November 9, 2023. CUSIP No. 29460X109 13D Page 6 of 11 Pages 1 NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) James F. Deutsch 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS AF 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO

(d) OR 2(e)

ITEM 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 8 SHARED VOTING POWER 1,002,214 9 SOLE DISPOSITIVE POWER 0 10 SHARED DISPOSITIVE POWER 1,002,214 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,002,214 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.50% (1) 14 TYPE OF REPORTING PERSON IN (1) This calculation is based on 15,413,064 shares of Common Stock, of the Company outstanding, as reported in the Company’s Current Report on Form 10-Q filed on November 9, 2023. CUSIP No. 29460X109 13D Page 7 of 11 Pages Item 1. Security and Issuer The title and class of equity security to which this statement on Schedule 13D relates is the Common Stock, (“Common Stock”), of Equity Bancshares, Inc. (the “Issuer” or the “Company”), the holding company of Equity Bank (the “Bank”). Item 2. Identity and Background This Schedule 13D is being jointly filed by the parties identified below. All of the filers of this Schedule 13D are collectively referred to as the “Patriot Financial Group III.” The Joint Filing Agreement of the members of the Patriot Financial Group III is filed as Exhibit 1 to this Schedule 13D. (a)-(c) The following are members of the Patriot Financial Group III: · Patriot Financial Partners III, L.P., a Delaware limited partnership (“Patriot Fund III”); · Patriot Financial Partners GP III, L.P., a Delaware limited partnership and general partner of Patriot Fund III (“Patriot III GP”); · Patriot Financial Partners GP III, LLC, a Delaware limited liability company and general partner of Patriot III GP (“Patriot III LLC”); and · W. Kirk Wycoff and James F.

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View this SC 13D/A filing on SEC EDGAR