Overview
Barack Ferrazzano served as legal counsel to Tri-County Financial Group, Inc., the Mendota, Illinois-based holding company for First State Bank, in connection with its entry into an Agreement and Plan of Merger with HBT Financial, Inc., the holding company for Heartland Bank and Trust Company. The transaction is valued at approximately $204.6 million and is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals.
The proposed merger brings together two banks with long-standing ties to the central and north central Illinois communities they serve, creating a larger combined institution with an expanded branch network across the state. As part of the transaction, it is contemplated that Tri-County's chairman will join HBT's board, and its president and CEO will take on a senior leadership role at Heartland Bank.
“We are looking forward to the opportunities this partnership will create,” said Kirk L. Ross, President and CEO of Tri-County Financial Group. “Together, we will be stronger, more innovative, and better positioned to meet the evolving needs of those we serve, while remaining committed to the relationships and personal service that define who we are.”
Barack Ferrazzano's legal team was led by Financial Institutions Group co-chair Robert M. Fleetwood, with assistance from associate Camryn C. Dreyer. Executive compensation and benefits matters were handled by partner Michael J. Poland and associate Christopher R. Boyd.
