HBT Financial in Illinois plans IPO

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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.

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