BLOOMINGTON, Ill., October 01, 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 the completion of the acquisition of NXT Bancorporation, Inc. (“NXT”), the holding company of NXT Bank. As of June 2021, NXT Bank had $ 238 million in assets, $ 199 million in loans and $ 184 million in deposits.
The completion of the transaction expands HBT’s presence in east Iowa with four locations in Central City, Marion, Waterloo and Coralville, which will become branches of Heartland Bank following the expected December merger of NXT Bank with Heartland Bank. Nathan Koch, currently President and CEO of NXT Bank, will serve as Iowa Market President for Heartland Bank when the banks merge in December.
Fred Drake, Chairman and CEO of HBT Financial, said: “We are excited to welcome the customers, employees and shareholders of NXT to the HBT family. Since the acquisition was announced in June, we’ve worked closely with Nate and his team to coordinate a smooth transition for our new customers and employees. By working with our new colleagues, we will be able to build on each company’s strengths to provide our customers with a superior banking experience, a wider range of products and services to meet their financial needs, and a better way to serve larger customers , more complex credit requirements. We look forward to fully exploiting the synergies from the merger of our institutions and to further increasing the value of the HBT franchise. “
“We will continue to work with the same commitment to relationship banking and great customer service that helped us build NXT into a hugely successful community bank,” said Nathan Koch. “With HBT’s additional resources, financial strength and expertise, we believe that in the coming years we can accelerate our growth and improve our profile in Iowa by attracting additional banking talent and building 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 provides a full range of business, commercial, wealth management, and retail banking products and services to individuals, corporations, and community facilities across central and northeast Illinois and east Iowa through 61 branches. As of June 30, 2021, HBT had total assets of $ 4.0 billion, 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 this press release, in addition to the historical information contained herein, “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. contains 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements about the anticipated benefits, synergies, results and growth of the company from the acquisition of NXT and NXT Bank, and its plans, goals, future Company performance and goals, future earnings levels and future credit growth. These statements are subject to many risks and uncertainties that 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, results and results of the integration of NXT’s business into that of HBT; the possibility that anticipated benefits, synergies and results from the acquisition will be delayed or not achieved; the impact of the merger on the future financial condition, results of operations, strategy and plans of HBT; potential adverse reactions or changes in customer or employee relationships that may result from the completion of the Transaction; the diversion of administrative time on integration-related issues; the severity, extent and duration of the COVID-19 pandemic; the direct and indirect effects of the COVID-19 pandemic and the government’s responses to the pandemic on our operations and our customers’ businesses; the ongoing disruption to the global, national, state and local economies related to the COVID-19 pandemic, which could affect our capital and earnings, affect our borrowers’ ability to repay outstanding loans, affect the value of collateral, and ours Loan loss provisions could further increase losses; our asset quality and all loan write-offs; Changes in interest rates and general economic, business and political conditions in the United States generally, or in Illinois in particular, including the financial markets; Changes to business plans if circumstances so require; Risks associated with other acquisitions; and other risks that are disclosed from time to time in the Company’s filings with the Securities and Exchange Commission. Readers should note that the forward-looking statements contained in this press release are not guarantees of future events and that actual events could differ materially from those made or suggested in the forward-looking statements. Forward-looking statements can generally be made through the use of forward-looking terminology such as “will”, “suggest”, “may”, “plan”, “aim”, “expect”, “intend”, “estimate”, “anticipate”, “believe” or “continue” or similar terminology. All forward-looking statements contained herein speak only as of the date of this press release, and the company undertakes no obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unforeseen events, or otherwise.