KANSAS CITY – October 30, 2026 -- nbkc bank has filed an application with the FDIC to assume the consumer-focused Banking as a Service (BaaS) portfolio of LSBX, the BaaS division of Lincoln Savings Bank, expanding both its BaaS business and its deposit base.
The deal is expected to close in early 2027, subject to regulatory approval. Financial terms were not disclosed.
Deal follows Lincoln Bancorp's merger agreement with Equity Bancshares
The filing comes after a September announcement that Lincoln Savings Bank's parent, Lincoln Bancorp of Reinbeck, Iowa, will merge with and into Equity Bancshares, Inc., based in Wichita, Kan.
nbkc plans to fold the LSBX offering into its own BaaS business and take it to market under the nbkc brand, according to President and CEO Michael Bartkoski. He called the transaction a "natural fit" and said it would strengthen the bank's deposit base.
nbkc reports 3.6 million BaaS customers across 13 fintech relationships
nbkc says it has approximately 13 BaaS relationships with fintech companies, approximately 3.6 million BaaS customers and 30 dedicated BaaS employees. Bartkoski said this investment lets the bank take on a transaction of this scale while keeping the customer experience seamless.
Lincoln Savings Bank CEO Sean Willett described nbkc as an excellent successor for LSBX customers. He cited its combination of technology and personal service.
BaaS model gives fintechs bank products and banks access to retail customers
Under BaaS, banks let nonbank fintech companies without banking charters offer deposits, checking, debit cards and personal loans. Customers use the fintech's app, while accounts are opened with the partner bank, typically on a private label basis. Fintechs gain banking products, and the partner bank gains access to the fintechs' retail customers.