HBT - Meet the Newest Bank IPO: HBT Financial
HBT Financial (NASDAQ: HBT) has been around in some form for almost a century, most notably as Heartland Bank and Trust and adding the State Bank of Lincoln last year. Despite its history, it's not a familiar name to most investors. That's because it just went public in October.
The Bloomington, Ill.-based bank, which serves customers in Central and Northeastern Illinois, is a true family business, run by the Drake family since the beginning. That stability -- and its solid financials -- make it a bank stock worth knowing.
HBT started out with one community bank in Cornland, Ill., founded by M.B. Drake in 1920. The family added more, and in 1982, they were all incorporated into a holding company by M.B.'s son George. The company continued to grow, and in the '90s, George's son Fred took over as CEO, a role he has held since.