HBT - HBT Financial to acquire Town and Country Financial for ~$101.4M
- HBT Financial ( NASDAQ: HBT ) said Tuesday it will acquire Town and Country Financial ( OTCPK:TWCF ) for ~$101.4M, expanding its Illinois footprint.
- TWCF shareholders will have the right to receive either 1.901 HBT shares for each TWCF share, or $35.66/share in cash, or a combination of cash and stock.
- Once the deal closes, TWCF shareholders will hold ~11% of HBT's outstanding stock.
- Estimated deal value represents a 1.39 multiple of TWCF's tangible book value as of Jun. 30 and an 8.9 multiple of TWCF's expected earnings for 2022.
- The deal is expected to result in 17% EPS accretion in 2023.
- Based on financial results as of Jun. 30, the combined firm would have pro forma total assets of $5.1B, total loans held for investment of $3.1B, and total deposits of $4.4B.
- The acquisition marks HBT's entry into the Springfield, St. Louis Metro East, Decatur, Jacksonville and Quincy markets.
- The deal is expected to close in Q1 2023.
For further details see:
HBT Financial to acquire Town and Country Financial for ~$101.4M