HBT Financial to acquire Town and Country Financial for ~$101.4M, expanding IL footprint

HBT Financial, Inc.

Implied price $35.66/share: 1.9010 HBT shares or $35.66 cash per T&C share; 67.1% of T&C holders support deal.
Expected 17% EPS accretion in 2023, TBV dilution earnback of 2.0 years using crossover method.
T&C had $875M assets, $624M loans, $744M deposits as of 6/30/22; pro forma combined $5.1B assets.
Transaction valued at 1.39x T&C tangible book and 8.9x 2022 expected earnings; close targeted Q1 2023.
Adds Springfield, St. Louis Metro East, Decatur, Jacksonville, Quincy markets to HBT's Illinois footprint.

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