HBT Financial, Inc. Completes Acquisition of NXT Bancorporation, Inc. | Your money
BLOOMINGTON, Ill., 01 October 2021 (GLOBE NEWSWIRE) – HBT Financial, Inc. (NASDAQ: HBT) (“HBT” or “HBT Financial”), the holding company of Heartland Bank and Trust Company (“Heartland Bank”) , today announced that it has completed the acquisition of NXT Bancorporation, Inc. (“NXT”), the holding company of NXT Bank. As of June 30, 2021, NXT Bank had $ 238 million in assets, $ 199 million in loans and $ 184 million in deposits.
Completion of transaction expands HBT’s presence in Eastern Iowa with four locations in Central City, Marion, Waterloo and Coralville that will begin operating as Heartland Bank branches following NXT Bank’s merger with Heartland Bank scheduled for December. Nathan Koch, currently president and CEO of NXT Bank, will be the Iowa market chairman for Heartland Bank when the banks merge in December.
Fred Drake, Chairman and CEO of HBT Financial, said: “We are delighted to welcome NXT customers, employees and shareholders to the HBT family. Since announcing the acquisition in June, we’ve worked closely with Nate and his team to coordinate a smooth transition for our new customers and employees. By working collaboratively with our new colleagues, we will be able to leverage the strengths of each organization to provide clients with a superior banking experience, a greater selection of products and services to meet their financial needs, and increased capacity. to accommodate clients with larger, more complex borrowing needs. We look forward to taking full advantage of the synergies created by the combination of our institutions and further enhancing the value of the HBT franchise. “
“We will continue to operate with the same commitment to relationship banking and exceptional customer service that has helped us make NXT a high performing community bank,” said Nathan Koch. “With the additional resources, financial strength and expertise provided by HBT, we believe we will be able to accelerate our growth and raise our profile in Iowa in the years to come by attracting additional banking talent. and by pursuing relationships with larger business customers. “
About HBT Financial, Inc.
HBT Financial, Inc. is headquartered in Bloomington, Illinois, and is the holding company of Heartland Bank and Trust Company. HBT offers a full line of personal, business and municipal banking products and services in central and northeastern Illinois and eastern Iowa through 61 branches. As of June 30, 2021, HBT had total assets of $ 4.0 billion, total loans of $ 2.2 billion, and total deposits of $ 3.4 billion. HBT is a long-standing, central Illinois company with banking roots dating back to 1920.
Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 , as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements on the expected benefits, synergies, results and growth of the Company resulting from the acquisition of NXT and NXT Bank, and plans, objectives, future performance, Company goals, future profit levels and future loan growth. These statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: the timing, result and results of integrating the operations of NXT into those of HBT; the possibility that the benefits, synergies and expected results of the acquisition will be delayed or not achieved; the effects of the merger on the financial condition, results of operations, strategy and future plans of HBT; potential unwanted reactions or changes in relationships with customers or employees resulting from the completion of the transaction; the diversion of management time on issues related to integration; the severity, extent and duration of the COVID-19 pandemic; the direct and indirect impacts of the COVID-19 pandemic and government responses to the pandemic on our operations and the activities of our customers; the continued disruption to global, national, state and local economies associated with the COVID-19 pandemic, which could affect our capital levels and earnings, adversely affect the ability of our borrowers to repay outstanding loans, decrease the value of guarantees and further increase our provision for credit losses; the quality of our assets and any loan write-offs; changes in interest rates and general economic, business and political conditions in the United States generally or Illinois in particular, including in financial markets; changes in business plans when circumstances warrant; risks associated with other acquisitions; and other risks detailed from time to time in documents filed by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not guarantees of future events, and that actual events may differ materially from those made or suggested by the forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “will”, “propose”, “may”, “plan”, “seek”, “expect”, “intend” , “Estimate”, “anticipate”, “believe” or “continue” or similar terminology. All forward-looking statements presented here are made only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unforeseen events or otherwise.
CONTACT: Matthew Keating [email protected] (310) 622-8230
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