HBT Financial to acquire CNB Bank Shares for $170 million

Bloomington, Ill.-based HBT Financial is expanding in the Chicago and St. Louis markets by acquiring Carlinville, Ill.-based CNB Bank Shares in a $170.2 million stock-and-cash deal..Both banks are based in central Illinois. HBT Financial is the holding company of Heartland Bank and Trust. CNB Bank Shares is the parent company of CNB Bank & Trust. Expected to close in the first quarter of next year, the deal will create a bank with nearly $7 billion in assets, $4.7 billion in loans and $5.9 billion in deposits across 84 branches in Illinois, eastern Iowa, and Missouri. CNB Bank has branches in 17 communities in Illinois and Missouri, offering commercial and personal banking, wealth management and insurance services. As of Sept. 30, CNB Bank had $1.8 billion in assets and $1.5 billion in deposits. HBT Financial has 66 branches across Illinois and eastern Iowa. As of Sept. 30, the company had $5 billion in assets and $4.3 billion in deposits.As part of the deal, CNB Bank Shares Directors Jim Ashworth and Nancy Ruyle will join the boards of HBT Financial and Heartland Bank. HBT Financial J. Lance Carter said the banks have “similar values and disciplined growth strategies. We look forward to generating profitable growth and long-term value for shareholders.” Financial advisors on the transaction included Minneapolis-based Piper Sandler & Co. for HBT and Great Falls, Mont.-based D.A. Davidson for CNB Bank Shares. Chicago-based law firms Vedder Price and Barack Ferrazzano Kirschbaum & Nagelberg were legal counsel for HBT and CNB Bank Shares, respectively.