HBT Financial in Illinois plans IPO
HBT Financial in Bloomington, Ill., could raise $158 million through an initial public offering.
The $3.2 billion-asset company said it plans to sell 8.3 million shares of common stock at $17 to $19 a share. It could sell nearly 1.3 million additional shares if there is enough demand.
HBT, the holding company for Heartland Bank and Trust and State Bank of Lincoln, said in a regulatory filing that it will use the proceeds to fund a distribution to its existing shareholders and to fund growth that could include acquisitions.
The company offers a range of business, commercial, wealth management and retail banking products. It has 64 branches in central and northeastern Illinois.
Keefe, Bruyette & Woods and J.P. Morgan are the offering's joint managers. Raymond James, Sandler O’Neill and D.A. Davidson are co-managers.