The Bank Slate


HBT in Illinois sets timeline for branch closures

HBT Financial in Bloomington, Ill., is planning to close a number of branches.

The $4 billion-asset company said in a press release Monday that it closed a location in the second quarter, with five more closures set to take place by Sept. 30. The branches represented about 9.5% of its network. 

HBT said the closures will lead to $800,000 in pretax costs, largely tied to asset impairment and severance payments, with $104,000 recorded in the second quarter. The company said the moves should save $1.1 million annually. 

HBT’s noninterest expenses fell slightly in the second quarter from a year earlier, to $1.4 million.

Net income was nearly double that of a year earlier, totaling $13.7 million. The quarter included a negative provision of $2.2 million.

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