HBT Financial and CNB Bank Shares have announced a merger valued at approximately $170.2 million, creating a stronger community banking entity with enhanced service capabilities.

Target Information

HBT Financial, Inc. (NASDAQ: HBT), the parent company of Heartland Bank and Trust Company, and CNB Bank Shares, Inc. (OTC: CNBN), which operates CNB Bank & Trust, N.A., have jointly announced a significant strategic transaction. The definitive agreement outlines a merger where CNB will merge into HBT in an arrangement valued at approximately $170.2 million, based on a 15-day volume weighted average stock price of HBT at $24.44 as of October 17, 2025. Once completed, the merged entity will boast around $6.9 billion in total assets, $4.7 billion in loans, and $5.9 billion in deposits, encompassing 84 branches across Illinois, Eastern Iowa, and Missouri.

CNB Bank is recognized as a community bank with numerous locations across Illinois, including cities such as Alton, Brighton, and Carlinville. The bank provides a wide range of services, including commercial and personal banking, treasury, wealth management, and select insurance offerings. As of September 30, 2025, CNB Bank reported total assets of $1.8 billion, total loans of $1.3 billion, and total deposits amounting to $1.5 billion.

Industry Overview

The banking industry in Illinois has demonstrated resilience amid economic fluctuations, characterized by a significant number of community banks that focus on customer relationships and local service. The state is home to a diverse economy, including manufacturing, a