HBT Financial, Inc. completed its merger with CNB Bank Shares, Inc. on March 1 2026, a transaction announced on March 2 2026. CNB became a wholly‑owned subsidiary of HBT, and CNB’s bank subsidiary merged into Heartland Bank, creating a larger regional banking platform.
The deal adds approximately $1.8 billion in assets, $1.3 billion in loans, and $1.5 billion in deposits to HBT’s balance sheet. Prior to the merger, HBT’s total assets were $5.1 billion as of December 31 2025, so the transaction increases the asset base by roughly 35% and strengthens the bank’s capital position.
Strategically, the merger expands HBT’s presence in Central Illinois, the Chicago and St. Louis metropolitan areas, and positions the company to capture greater market share in high‑growth regions. Management projects EPS accretion of 14.3 % in 2026 and 19.4 % in 2027, reflecting expected cost synergies and revenue growth from the expanded branch network.
The transaction was valued at approximately $170.2 million, consisting of $34 million in cash and 5.5 million HBT shares. Board appointments of James T. Ashworth and Nancy L. Ruyle became effective on March 1, 2026, aligning leadership with the newly combined entity.
Analysts noted the strategic fit and the projected EPS accretion, highlighting the merger’s potential to enhance HBT’s competitive position in the regional banking market.
"We are truly honored to welcome the CNBN team and customers to Heartland Bank and HBT Financial. 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," said Fred L. Drake, Executive Chairman of HBT Financial. "Our fourth quarter results wrapped up a very successful 2025, with adjusted net income(1) of $20.1 million, or $0.64 per diluted share, which was underpinned by strong balance sheet growth, excellent asset quality, and a resilient net interest margin," added J. Lance Carter, President and Chief Executive Officer of HBT Financial.
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