Overview
The Barack Ferrazzano Financial Institutions Group served as legal counsel to CNB Bank Shares, Inc. (“CNB”), the holding company for CNB Bank & Trust, N.A. (“CNB Bank”), in its completed merger with HBT Financial, Inc. (“HBT Financial”) (Nasdaq: HBT), the holding company for Heartland Bank and Trust Company (“Heartland Bank”). The merger was completed on March 1, 2026.
In the transaction, CNB merged with and into HBT Financial, and subsequently CNB Bank merged with and into Heartland Bank. As of December 31, 2025, CNB had $1.8 billion in total assets, $1.3 billion in total loans held for investment, and $1.5 billion in total deposits. The completion of the merger expands HBT Financial’s footprint in the central Illinois, Chicago MSA, and St. Louis MSA markets.
The Board of Directors of each of HBT Financial and Heartland Bank James T. Ashworth and Nancy L. Ruyle as new directors, effective as of March 1, 2026. Mr. Ashworth and Ms. Ruyle will be proposed as director nominees for election at the HBT Financial 2026 Annual Meeting of Stockholders.
Barack Ferrazzano’s legal team was led by Joseph T. Ceithaml, Co-Chair of the Financial Institutions Group, and associate Zoe Xiuha Uvin. Executive compensation and benefit matters were handled by partner Michael J. Poland. Tax matters were handled by partners Michael J. Towne and Megan E. Toal.
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