HBT Financial announced on August 10 that it signed a definitive merger agreement with Tri-County Financial Group (TYFG). Under the deal, an HBT subsidiary will first merge with TYFG, making TYFG a wholly owned HBT subsidiary, and then TYFG will be folded into HBT; TYFG's bank subsidiary, First State Bank, is also expected to later merge into HBT's Heartland Bank. TYFG shareholders can elect to receive 2.4589 HBT shares, $71.01 in cash, or a mix of both per TYFG share, with total consideration expected to be about $59.9 million in cash plus roughly 3.8 million HBT shares. The merger is subject to TYFG shareholder and regulatory approvals, and TYFG director Thomas K. Prescott is set to join the boards of HBT and Heartland Bank.
View Full Filing (SEC EDGAR)