HBT Financial to Acquire CNB Bank Shares in $170M Deal
HBT Financial Inc., the holding company for Heartland Bank and Trust Company, has agreed to acquire CNB Bank Shares Inc. in a merger valued at approximately $170.2 million, marking a significant expansion of its Midwest banking presence.
The transaction, based on HBT’s 15-day volume-weighted average stock price of $24.44, will position the combined company with $6.9 billion in total assets, $4.7 billion in loans, and $5.9 billion in deposits across 84 branches in Illinois, eastern Iowa, and Missouri. The merger is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.
Under the terms of the agreement, CNBN shareholders will have the option to receive 1.0434 shares of HBT common stock per CNBN share, $27.73 per share in cash, or a combination of cash and stock.
Headquartered in Carlinville, Illinois, CNB Bank Shares is the parent of CNB Bank & Trust N.A., a well-established community bank with 18 branches across central and northern Illinois and one in Missouri. CNB Bank provides a comprehensive suite of services, including commercial and consumer banking, treasury and wealth management, and insurance solutions. As of September 30, 2025, the bank reported $1.8 billion in total assets, $1.3 billion in loans, and $1.5 billion in deposits.
The acquisition significantly enhances HBT’s geographic reach and deepens its presence in several attractive growth markets, notably the St. Louis and Chicago metropolitan areas. It also aligns with HBT’s long-term strategy of expanding its community banking model through disciplined acquisitions that enhance scale and efficiency.
Vedder Price P.C. acted as legal counsel and Piper Sandler & Co. served as financial advisor to HBT Financial. Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to CNB Bank Shares, while D.A. Davidson & Co. acted as financial advisor and Performance Trust Capital Partners, LLC delivered an independent fairness opinion.