HBT Financial's (HBT) definitive agreement to acquire NXT Bancorporation for $42.8 million will expand its market share and footprint in Iowa.
The holding company of Heartland Bank and Trust Company, HBT Financial (HBT), has agreed to acquire NXT Bancorporation, which holds NXT Bank, for $42.8 million. With this acquisition, HBT increases its presence in Iowa. The acquisition is expected to close in Q4. NXT Bank operates in Eastern Iowa using a relationship-based approach. At the end of March, it had assets of $241 million and deposits of $184 million. Under the agreement, NXT investors will get 67.6783 HBT shares and $400 cash for eac
Illinois-based HBT Financial to Expand into IowaBLOOMINGTON, Ill. and CEDAR RAPIDS, Iowa, June 07, 2021 (GLOBE NEWSWIRE) -- HBT Financial, Inc. (NASDAQ:HBT) (“HBT” or “HBT Financial”), the holding company for Heartland Bank and Trust Company (“Heartland Bank”), and NXT Bancorporation, Inc. (“NXT”), the holding company for NXT Bank, today jointly announced the signing of a definitive agreement pursuant to which HBT will acquire NXT and NXT Bank. The acquisition will expand HBT’s footprint into Io