HBT Financial Completes Merger with CNB Bank Shares

Acquisition expands HBT's footprint in central Illinois, Chicago, and St. Louis markets

Mar. 2, 2026 at 4:39pm

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HBT Financial, Inc., the holding company for Heartland Bank and Trust Company, has completed its merger with CNB Bank Shares, Inc., the holding company for CNB Bank & Trust, N.A. The merger expands HBT Financial's presence in central Illinois, the Chicago metropolitan area, and the St. Louis metropolitan area. As of December 31, 2025, CNB had $1.8 billion in total assets, $1.3 billion in total loans, and $1.5 billion in total deposits.

Why it matters

The merger allows HBT Financial to grow its community banking franchise and expand its reach in key Illinois markets. It also brings together two banks with strong cultural and strategic alignment, enhancing HBT's ability to deliver exceptional banking services to customers.

The details

Under the terms of the merger, CNB merged with a wholly-owned subsidiary of HBT, with CNB surviving as a wholly-owned subsidiary. Immediately after, CNB merged into HBT Financial, with HBT Financial as the surviving entity. Additionally, CNB Bank merged with and into Heartland Bank, Heartland Bank's wholly-owned bank subsidiary, with Heartland Bank continuing as the surviving bank.

  • The merger was completed on March 2, 2026.
  • As of December 31, 2025, CNB had $1.8 billion in total assets, $1.3 billion in total loans, and $1.5 billion in total deposits.

The players

HBT Financial, Inc.

The holding company for Heartland Bank and Trust Company, with banking roots dating back to 1920. HBT Financial provides financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa.

CNB Bank Shares, Inc.

The holding company for CNB Bank & Trust, N.A., which was merged into HBT Financial as part of this transaction.

J. Lance Carter

President and Chief Executive Officer of HBT Financial and Heartland Bank.

Fred L. Drake

Executive Chairman of the Boards of HBT Financial and Heartland Bank.

James T. Ashworth

Previously served as the President of CNB and the Vice Chairman of CNB and CNB Bank. He also served on the Board of Directors of both CNB and CNB Bank.

Nancy L. Ruyle

Previously served on the Board of Directors of both CNB and CNB Bank. She also previously served on the Board of Directors of Palmer Bank in Taylorville, Illinois, and worked as an attorney in Carlinville, Illinois, before retiring as a Senior Partner at Ruyle & Sims.

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What they’re saying

“We are happy to announce the completion of the merger with CNB and are excited to welcome their customers, employees, and shareholders to HBT. We have a track record of successful bank integrations and are focused on a smooth transition. CNB is a strong cultural and strategic fit, and this merger enhances our ability to deliver an exceptional banking experience to our customers.”

— J. Lance Carter, President and Chief Executive Officer of HBT Financial and Heartland Bank

“We would also like to welcome Jim and Nancy to our Board of Directors. Both have been instrumental in CNB's commitment to community-based banking. Their guidance will be valuable as we grow the Heartland Bank franchise.”

— Fred L. Drake, Executive Chairman of the Boards of HBT Financial and Heartland Bank

What’s next

The integration of CNB Bank into Heartland Bank is expected to be completed in the coming months, providing a seamless transition for customers.

The takeaway

This merger strengthens HBT Financial's position as a leading community bank in central Illinois, the Chicago metropolitan area, and the St. Louis metropolitan area, allowing the combined organization to better serve its customers and communities.