Town and Country Financial (OTCPK:TWCF)
HBT Financial (NASDAQ:HBT) announced on Tuesday that it will extend its presence in Illinois by purchasing Town and Country Financial (OTCPK:TWCF) for approximately $101.4M.
Shareholders of TWCF will have the option of receiving 1.901 HBT shares, $35.66 per share in cash, or a combination of cash and stock. Shareholders of TWCF will control 11% of HBT’s outstanding stock after the transaction is completed.
The estimated deal value is equal to 1.39 times the tangible book value of TWCF as of June 30 and 8.9 times the company’s projected 2022 earnings.
On account of the deal, 17% EPS accretion is anticipated in 2023. The combined company would have pro forma total assets of $5.1 billion, total loans held for investment of $3.1 billion, and total deposits of $4.4 billion based on financial results as of June 30.
With this transaction, HBT has gained access to the markets in Springfield, St. Louis Metro East, Decatur, Jacksonville, and Quincy. In Q1 2023, the purchase is anticipated to close.
The transaction has been unanimously approved by the boards of directors of both companies. In the first quarter of 2023, the acquisition is anticipated to close, pending regulatory clearances and other usual closing requirements.
In accordance with a voting agreement they engaged in, the Town and Country Financial common stockholders, who collectively hold roughly 67.1% of the outstanding shares, committed, among other things, to vote their shares of Town and Country Financial common stock in support of the transaction.
HBT Financial, Inc.
Heartland Bank and Trust Company’s holding company, HBT Financial, Inc., was founded in 1920 and has its corporate headquarters in Bloomington, Illinois. Through 61 locations spread across Central and Northeastern Illinois and Eastern Iowa, HBT offers a full range of business, commercial, wealth management, and retail banking products and services to people, enterprises, and governmental organizations.
Featured Image: Megapixl @Alexandersikov
Author Jowi Kwasu 
