Heartland Bank and Trust Co.’s holding company, HBT Financial, Inc., has entered into a definitive agreement to acquire CNB Bank Shares, Inc., the holding company for CNB Bank & Trust, N.A. (CNBN), in a common stock/cash transaction valued at approximately $170.2 million.
The combined company will have approximately $6.9 billion in total assets with $4.7 billion in total loans and approximately $5.9 billion in total deposits, as well as 84 branch locations across Illinois, Missouri and Eastern Iowa.
Leadership from HBT and CNBN indicated they view the transaction as financially attractive and culturally aligned, as the combined company will have increased density in the central Illinois, the Chicago Metropolitan Statistical Area (MSA) and the St. Louis MSA markets.
“We are truly honored to welcome the CNBN team and customers to Heartland Bank and HBT Financial,” HBT Financial Executive Chairman Fred Drake said in a release. “CNBN has a long and storied history in central Illinois, very much like HBT. We are both very focused on serving our customers as a true community bank.”
Drake acknowledged James Ashworth, president of CNB Bank Shares, and Andy Tinberg, president and CEO of CNBN, for building a well-respect brand and demonstrating strong leadership in developing new markets and organic growth.
“This partnership marks an important milestone in our ongoing commitment to deliver exceptional service and value to our customers, employees and communities,” Ashworth said. “CNBN has always believed in the enduring strength of community banking, and joining HBT positions us to continue that mission with expanded capabilities and a broader foundation for future growth.”
The agreement’s valuation is based on HBT’s 15-day volume weighted average stock price of $24.44 as of Oct. 17, according to joint press release announcing the deal.
CNB Bank Shares is a community bank that offers commercial and personal banking services, treasury and wealth management services and certain insurance offerings. The bank has $1.8 billion in total assets, including total loans of $1.3 billion and total deposits of $1.5 billion as of Sept. 30, according to the release.
“CNB Bank’s culture has consistently been centered on relationships,” Tinberg said in the release. “We know customers personally, support local businesses, and are actively involved in our communities. This partnership is a natural fit, as Heartland Bank shares our core values and unwavering commitment to the principles of community banking.”
The transaction has been unanimously approved by each company’s board of directors, and shareholders collectively holding approximately 28 percent of the outstanding shares of CNBN common stock have entered into voting agreements pursuant to which they have agreed, among other things, to vote their shares of CNBN common stock in favor of the transaction.
The transaction is expected to close in the first quarter of 2026, subject to approval by CNBN’s shareholders, required regulatory approvals and other customary closing conditions.