HBT Financial and CNB Bank Shares have agreed to merge Heartland Bank and Trust Co. and CNB Bank & Trust into Heartland Bank and Trust.
The two central Illinois financial institutions will merge in a common stock/cash deal valued at over USD 170 million. Upon completion of the merger, the resulting company will have around USD 6.9 billion in total assets, USD 4.7 billion in loans, and approximately USD 5.9 billion in total deposits, with 84 branch locations across Illinois, eastern Iowa and Missouri.
More information about the merger
The boards of both companies approved the decision unanimously, and the merger is expected to be completed in Q1 2026. CNB’s shareholders also need to approve the deal. The pre-share price of CNB Bank stock increased by 15% in trading after the announcement. CNB Bank & Trust is based in Carlinville. It has branches across west-central Illinois, including in Jacksonville, Chapin, Pittsfield, Jerseyville, Carrollton and Virden. At the same time, Heartland Bank & Trust is headquartered in Bloomington and has branches in Jacksonville, Springfield, Decatur, Champaign and Peoria.
The initiative marks a milestone for CNB Bank, reflecting its commitment to delivering improved services and increased value for its clients and employees. The institution believes in the endurance of community banking, and joining HBT positions it to further contribute to this mission and expand its capabilities with a broader foundation for growth. Both banks have a strong presence in the state of Illinois and have expanded to larger markets with improved deposits and commercial loan growth.
The banks will continue to focus on remaining compliant with the regulatory requirements and laws of the industry, developing safe and improved solutions that are tailored to their clients’ needs and demands in an ever-evolving market.
