---
title: "HBT Financial plans $204m acquisition of Tri-County"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2026-08-12T07:04:17+00:00"
modified: "2026-08-12T07:04:17+00:00"
date: 2026-08-12
canonical: "https://stockmark.it/illinois-hbt-to-buy-in-state-tri-county-financial-for-204-6m/"
category: "Companies"
categories: ["Companies", "Financial"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/hbt-financial-plans-204m-acquisition-of-tri-county.png?fit=1536%2C1024&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# HBT Financial plans $204m acquisition of Tri-County

**Published:** August 12, 2026
**Author:** Stockmark.IT Website
**Categories:** Companies, Financial
**Featured image:** ![HBT Financial plans $204m acquisition of Tri-County](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/hbt-financial-plans-204m-acquisition-of-tri-county.png?fit=1536%2C1024&quality=80&ssl=1)

---

Bloomington-based HBT Financial Group announced on Monday its intention to acquire Tri-County Financial, the holding company for First State Bank. The proposed transaction carries a value of approximately $204.6 million and is scheduled to conclude during the first quarter of 2027. Upon completion, the merger would expand Heartland Bank’s physical presence to include more than one hundred branches across Illinois while pushing total assets beyond eight billion dollars.

The acquisition involves adding nineteen branches located in central and northern Illinois regions to HBT’s existing network. This move marks the twelfth deal for the lender since 2007, following a previous purchase of CNB Bank Shares that expanded operations into the St Louis metropolitan area earlier this year. While the recent St Louis expansion focused on metro growth, buying Tri-County targets the outer reaches surrounding Chicago.

Fred Drake, executive chair at HBT Financial Group, described Tri-County as a fine addition to Heartland Bank. He noted his long-standing observation of their operations and highlighted that both institutions serve similar markets with comparable community needs. Drake emphasised that they share a heritage as longstanding solid community banks. Thomas Prescott, currently the chair of Tri-County, is expected to join the boards of Heartland Bank and its holding company once the deal finalises.

Prescott stated that the agreement remains rooted in principles guiding their work for decades, including serving customers well, supporting communities, and creating long-term value for shareholders. He expressed delight at partnering with an institution sharing these beliefs and confidence regarding future prospects for everyone connected to the bank. Kirk Ross, president and chief executive officer of Tri-County, echoed this sentiment in a statement released Monday.

Under terms agreed upon by both parties, existing Tri-County shareholders will receive either 2.4589 shares of HBT common stock or $71.01 in cash for each share owned, with options to combine both methods. The valuation relies on HBT’s closing stock price of $36.35 per share recorded on Friday. Following the merger, Tri-County shareholders are projected to own roughly nine percent of the combined entity.

The resulting organisation is expected to hold approximately eight point three billion dollars in assets, seven point one billion dollars in deposits and six billion dollars in total loans. Of these figures, about $1.6 billion in assets along with $1.3 billion in deposits and another $1.3 billion in loans originate from Tri-County operations.

Currently HBT operates eighty three branches while Tri-County brings nineteen additional locations to the portfolio. However five First State Bank branches sit within two miles of an existing Heartland Bank office according to investor presentations. Peter Chapman, chief financial officer at HBT Financial Group, indicated that consolidation would occur in close proximity where logical.

Since Alberto Paracchini helped recapitalise Byline with $2.4 billion in assets back in 2013 the Chicago bank has nearly quadrupled its size over time. Over past three years chief executive Louis Torchio hired executives possessing bigger-bank experience to lead commercial pivots and merger ramp-up efforts within Northwest operations.

---

**Original URL:** https://stockmark.it/illinois-hbt-to-buy-in-state-tri-county-financial-for-204-6m/
*Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*