One Central Illinois banking group is buying another in a massive cash and stock trade.
Crain’s Chicago Business reports that Heartland Bank & Trust is buying CNB Bank & Trust in a $170.2 million cash and stock deal. The deal will create a bank with 84 branch locations and about $6.9 billion in assets. CNB’s branches will boost Bloomington-based Heartland’s presence in Central Illinois and also add some Missouri locations.
Under terms of the deal HBT Financial, Heartland’s parent, will pay either 1.0434 of its shares, or $27.73 cash, or a combination of cash and stock for each share of CNB Bank, according to the report. The companies said the deal, expected to close in the first quarter of 2026. Jim Ashworth and Nancy Ruyle, directors at CNB’s holding company, are joining the boards of directors of HBT and Heartland Bank.
The sale has already been approved by the boards of directors of both companies. CNB’s shareholders also need to approve the deal.