Tri-County Financial Group (TYFG) announced it has entered into a definitive merger agreement with HBT Financial. Under the deal, a subsidiary of HBT will merge into TYFG, then TYFG will merge into HBT, making TYFG a wholly-owned subsidiary; TYFG's bank subsidiary First State Bank would later combine with HBT's Heartland Bank. TYFG shareholders can choose, per share, to receive either 2.4589 HBT shares, $71.01 in cash, or a mix of both, with the total deal expected to include about $59.9 million in cash and roughly 3.8 million HBT shares. HBT has also agreed to appoint TYFG director Thomas K. Prescott to the HBT and Heartland Bank boards before the deal closes.
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