HBT Financial, Inc. (NASDAQ: HBT), the parent company of Heartland Bank and Trust Company, has announced a definitive agreement to merge with Tri-County Financial Group, Inc. (OTC: TYFG), the holding company for First State Bank in Mendota, Illinois.
The transaction, valued at approximately $204.6 million, will be a combination of common stock and cash.
The boards of directors of both companies have unanimously approved the merger.
Shareholders holding around 28 percent of Tri-County's outstanding shares have agreed to vote in favor of the merger.
The merger is anticipated to be finalized in the first quarter of 2027.
Vedder Price P.C. acted as legal counsel, while Piper Sandler & Co. served as financial advisor to HBT Financial.
Fred L. Drake, Executive Chairman of HBT Financial, said, “First State Bank is a fine addition to Heartland Bank. I have followed their bank for many years, and as we serve several of the same markets, I know their communities are very similar to ours. We share a heritage as longstanding, solid community banks. We look forward to getting to know their staff and working with their customers.”