---
schema_version: "secwatch.filing_event.v1"
accession: "0000732417-26-000058"
form_type: "8-K"
ticker: "HBIA"
cik: "0000732417"
company_name: "HILLS BANCORPORATION"
filed_at: "2026-05-15T14:59:36+00:00"
generated_at: "2026-05-15T15:01:31.917114+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Hills Bancorporation buys 19.2 acres in Iowa City for $20.7M to consolidate operations

## Summary
- Purchase price $20,700,000 for 19.2 acres on former ACT campus in Iowa City.
- Property includes ACT Ferguson and Davidsen Buildings; closing targeted for Q1 2027.
- Hills Bank to consolidate operational teams at single location; HQ remains in Hills, Iowa.
- Bank plans to lease excess space and explore community-oriented uses.
- Transaction subject to regulatory approvals and standard real estate conditions.

## SEC filing metadata
- accession: 0000732417-26-000058
- form_type: 8-K
- ticker: HBIA
- cik: 0000732417
- company_name: HILLS BANCORPORATION
- filed_at: 2026-05-15T14:59:36+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/732417/000073241726000058/0000732417-26-000058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/732417/000073241726000058/hbia-20260511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000732417-26-000058
- JSON: https://secwatch.observer/filing/0000732417-26-000058.json
- Plain text: https://secwatch.observer/filing/0000732417-26-000058.txt

## Key facts
- Material Agreements
  HILLS BANCORPORATION entered into Agreement of Purchase and Sale with not explicitly named (the Seller) valued at $20,700,000 (effective 2026-05-11).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: not explicitly named (the Seller)
  - Value: $20,700,000
  - Effective: 2026-05-11
  source text: On May 11, 2026, Hills Bank and Trust Company ("Hills Bank"), a wholly-owned subsidiary of Hills Bancorporation (the "Company"), entered into an Agreement of Purchase and Sale (the "Agreement") for the acquisition of land and improvements consisting of approximately 19.2 acres, which is a portion of land commonly known as 200 and 500 ACT Drive, Iowa City, Iowa.
  evidence_url: https://www.sec.gov/Archives/edgar/data/732417/000073241726000058/0000732417-26-000058-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.