HBT Financial Buys Tri-County in $205 Million Deal

Bloomington, Illinois-based HBT Financial is the parent of Heartland Bank and Trust Company, a community lender operating across Illinois, eastern Iowa and suburban St. Louis. The Tri-County Financial Group purchase is HBT’s second acquisition announced within about 10 months and would be its 12th merger since 2007, extending a consolidation strategy that is moving the lender closer to the $10 billion-asset threshold.

HBT Financial said on Aug. 10, 2026, it agreed to acquire Tri-County in a cash-and-stock transaction valued at about $204.6 million, based on HBT’s Aug. 7 closing price of $36.35. The combination would lift assets from $6.7 billion at June 30 to about $8.3 billion, with $6.0 billion of loans and $7.1 billion of deposits. Tri-County shareholders would own about 9% of HBT after the deal, which is expected to close in the first quarter of 2027.