Menu
Banking Exchange Magazine Logo
Menu

Illinois banks eye merger to create $5B group

HBT Financial and Town and Country Bank to combine, while Virginia’s TowneBank and Farmers Bank also plan a merger

  • |
  • Written by  Banking Exchange staff
Illinois banks eye merger to create $5B group

Illinois-based HBT Financial and Town and Country Financial Corporation plan to merge, creating a banking group with more than $5.1 billion in total assets.

HBT Financial, parent company for Heartland Bank and Trust Company, announced this week it had agreed a merger with the parent for Town and Country Bank.

Fred Drake, chairman and CEO of HBT Financial, said the two companies had “a similar relationship-based approach to commercial banking and conservative credit culture”. He added: “We believe that combining with Town and Country will help us continue generating profitable growth and create additional value for shareholders in the years ahead.”

Micah Bartlett, president and CEO of Town and Country Financial Corporation, said: “There are significant opportunities and challenges ahead in the banking business, and the combination of these two strong organizations makes us better equipped to flourish in the long run.”

It is estimated that the combined company will have a loan book worth $3.1 billion and total deposits of $4.4 billion.

HBT said the merger would allow it to expand its reach into several new markets, including Springfield, St Louis Metro East, Decatur, Jacksonville, and Quincy.

Subject to regulatory approval, the transaction is expected to close in the first quarter of 2023.

Earlier this month, Virginia’s Farmers Bankshares and TowneBank announced a merger agreement, through which Farmers would “merge with and into” TowneBank in a deal worth approximately $56 million.

The combined company will have total assets of approximately $17.5 billion, loans worth $10.9 billion, and deposits of $14.5 billion.

The transaction is also expected to complete in the first quarter of 2023, subject to shareholder and regulatory approval.

back to top

Sections

About Us

Connect With Us

Resources

WEBINAR:

Belt and Suspenders

Date/Time: October 19, 2:00 CT / 3:00 ET

How Multiple Layers of Defenses Work Together to Keep Your Bank Covered

Cyber threats and attack vectors are ever-changing, especially due to the current geopolitical climate and distribution of data. Financial institutions remain attractive targets for cyber criminals due to the amount of sensitive data they hold. Join CSI’s Director of Product Strategy, Sean Martin, for his insight into why and how institutions should embrace a holistic cybersecurity approach to strengthen their defenses against these evolving threats. You’ll learn: 

REGISTER NOW!

This webinar is brought to you by:
OneSpan logo