HBT Financial in Bloomington, Ill., has agreed to buy CNB Bank Shares in Carlinville, Ill.
The $5 billion-asset HBT said in a press release that it will pay $170.2 million in cash and stock for the $1.8 billion-asset CNB. The deal is expected to close in the first quarter.
CNB Bank has $1.3 billion of loans and $1.5 billion of deposits.
“Both our banks have strong local roots in central Illinois, have successfully expanded to larger growth markets, have excellent deposit bases and solid commercial loan growth,” J. Lance Carter, HBT’s president and CEO, said in the release. “We have both grown our business, while maintaining a strong credit culture.”
Jim Ashworth and Nancy Ruyle will join HBT’s board.
Vedder Price and Piper Sandler advised HBT. Barack Ferrazzano Kirschbaum & Nagelberg and D.A. Davidson advised CNB. Performance Trust Capital Partners issued an independent fairness opinion to CNB.