Lincoln Savings in Iowa agreed to sell BaaS business to nbkc bank
Lincoln Savings Bank in Reinbeck, Iowa, has agreed to sell its consumer-focused Banking-as-a-Service (BaaS) portfolio to nbkc bank in Leawood, Kan.
The $1.2 billion-asset nbkc bank filed an application with the Federal Deposit Insurance Corp. to buy the portfolio. The deal is expected to close in early 2027; the price wasn’t disclosed.
Lincoln Savings is planning to sell to Equity Bancshares in Wichita, Kan.
“This transaction is a natural fit for nbkc and is a great opportunity to continue growing our BaaS business,” Michael Bartkoski, nbkc bank’s president and CEO, said in a press release. “It allows us to further strengthen our deposit base and build upon an established program with significant momentum.”
“We believe nbkc is an excellent successor and home for our LSBX customers,” Sean Willett, Lincoln Savings’ CEO, added. “nbkc has built an exceptional Banking as a Service capability, and they are well known for effectively combining technology and a human touch.”
nbkc bank has 13 BaaS relationships with fintechs, 3.6 million BaaS customers, and 30 dedicated BaaS employees.