HBT Financial, Inc. (HBT): M&A transaction — HBT Financial completes $34M + 5.5M shares acquisition of CNB Bank Shares

HBT Financial, Inc.

Total consideration ~$34M cash and ~5.5M HBT shares; exchange ratio 1.0434 HBT shares or $27.73 cash per CNB share.
CNB had $1.8B in assets, $1.3B loans, $1.5B deposits as of Dec 31, 2025.
Merger expands HBT's footprint into central Illinois, Chicago MSA, and St. Louis MSA.
HBT appointed former CNB president James T. Ashworth and former CNB director Nancy L. Ruyle to its board, effective March 1, 2026.
CNB stock (CNBN) will no longer be quoted on OTC QX; financial statements to be filed as amendment within 71 days.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

HBT Financial, Inc. completed an acquisition involving CNB Bank Shares, Inc. for approximately $34 million in cash and approximately 5.5 million shares of HBT Financial common stock (closed 2026-03-01).

Action: acquisition
Counterparty: CNB Bank Shares, Inc.
Consideration: approximately $34 million in cash and approximately 5.5 million shares of HBT Financial common stock
Closing: 2026-03-01

Exact text from the filing

of cash and HBT Financial common stock. In lieu of fractional shares, holders of CNB common stock will receive cash. The aggregate transaction consideration is approximately $34 million in cash and approximately 5.5 million shares of HBT Financial common stock. Following the closing of the Merger, the shares of CNB common stock, which were previously quoted on

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Source: SEC EDGAR

accession 0000775215-26-000021

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