HBT Financial, Inc. Completes Strategic Merger with CNB Bank Shares, Inc.

Key Highlights for Investors

• HBT Financial, Inc. (NASDAQ: HBT) has officially completed its merger with CNB Bank Shares, Inc., significantly expanding its regional footprint and market presence.
• As of December 31, 2025, CNB brought with it \$1.8 billion in total assets, \$1.3 billion in total loans held for investment, and \$1.5 billion in total deposits.
• The merger expands HBT’s presence in the central Illinois, Chicago MSA, and St. Louis MSA markets, potentially unlocking new revenue streams and customer bases.
• Key leadership changes: James T. Ashworth and Nancy L. Ruyle have been appointed to the Boards of HBT Financial and Heartland Bank, bringing substantial experience and continuity from CNB.
• HBT Financial’s pro forma balance sheet as of December 31, 2025 stands at \$5.1 billion in total assets, \$3.5 billion in total loans, and \$4.4 billion in total deposits across 66 full-service branches.

Details of the Merger Transaction

HBT Financial, Inc., the parent company of Heartland Bank and Trust Company, announced the completion of its merger with CNB Bank Shares, Inc., formerly the holding company for CNB Bank & Trust, N.A. The deal was structured so that, at the effective time of the merger, CNB became a wholly-owned subsidiary of HBT, and was then merged into HBT Financial. Subsequently, CNB Bank was merged into Heartland Bank, with Heartland Bank as the surviving entity.

The transaction delivers a significant boost to HBT’s scale: CNB’s \$1.8 billion in assets, \$1.3 billion in loans, and \$1.5 billion in deposits are now part of HBT’s balance sheet, further strengthening its position in the Midwest market. This increases HBT Financial’s total assets to \$5.1 billion, loans to \$3.5 billion, and deposits to \$4.4 billion as of year-end 2025.

The transaction is expected to provide operational efficiencies, an expanded customer base, and a broadened geographic reach, which could support further earnings growth and value creation for shareholders.

Leadership Changes and Board Appointments

As part of the transaction, the Boards of HBT Financial and Heartland Bank have been expanded. James T. Ashworth (former President and Vice Chairman of CNB and CNB Bank) and Nancy L. Ruyle (a former director of CNB, CNB Bank, and Palmer Bank, and retired attorney) have joined the Boards effective March 1, 2026, with their initial terms expiring at the 2026 Annual Meeting of Stockholders.

Both leaders bring deep industry experience and strong community banking credentials, which are expected to support the ongoing integration and future growth of HBT Financial.

Management Commentary

J. Lance Carter, President and CEO of HBT Financial and Heartland Bank, expressed enthusiasm about the merger, noting the strong cultural and strategic fit between the organizations. Carter emphasized HBT’s track record of successful bank integrations and a commitment to a smooth transition for CNB’s customers, employees, and shareholders.

Fred L. Drake, Executive Chairman, welcomed Ashworth and Ruyle to the Board, highlighting their instrumental roles in CNB’s community banking legacy and expressing confidence in the value of their guidance as HBT grows the Heartland Bank franchise.

Key Risks and Forward-Looking Statements

• Investors should note the usual uncertainties associated with bank mergers, including the risk of not realizing anticipated benefits, higher-than-expected transaction costs, and challenges related to operational integration.
• Potential risks highlighted include: economic volatility, regulatory changes, technological and cybersecurity risks (including those related to AI), competition from non-banks, market fluctuations, talent retention, and potential adverse reactions from employees or customers due to the merger.
• HBT Financial’s ability to manage liquidity, credit risk, and deposit concentration—particularly from clients with large, uninsured balances—remains a critical area to watch.
• The company does not undertake to update forward-looking statements except as required by law.

Why This News Matters for Shareholders

This merger is a major strategic development for HBT Financial. The immediate expansion in assets, loans, and deposits, along with enhanced market presence in key Illinois and Missouri markets, could serve as a catalyst for future growth and improved profitability. The integration of CNB’s experienced leadership and customer base is also a positive sign for continuity and community engagement.

However, investors should be mindful of integration risks and broader economic uncertainties that could impact the combined company’s performance. Successful execution of the merger strategy and realization of anticipated synergies will be key metrics to monitor in the coming quarters.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult with financial professionals before making any investment decisions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

View HBT Financial, Inc. Historical chart here