Sidley represented affiliates of Castle Creek Capital, the largest shareholder of CNB Bank Shares (CNBN), Inc., in connection with the announced merger of HBT Financial, Inc. with CNB. Under the definitive agreement, CNBN will merge with and into HBT Financial in a combined common stock and cash transaction valued at approximately US$170.2 million.
HBT Financial is the holding company for Heartland Bank and Trust Company, and CNBN is the holding company for CNB Bank & Trust, N.A. The combined company will have approximately US$6.9 billion in total assets, US$4.7 billion in total loans, and US$5.9 billion in total deposits, with 84 branch locations across Illinois, eastern Iowa, and Missouri.
The transaction expands HBT Financial’s presence in key markets including central Illinois, the Chicago metropolitan area, and the St. Louis metropolitan area. Both organizations share a community-focused, relationship-based approach to banking, with complementary cultures and long-standing commitments to their local markets.
The Sidley team was led by Vijay S. Sekhon (M&A and Private Equity).
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