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Heartland Bank to acquire, merge with Tri-County Financial Group in $200M transaction · Illinois Valley - Shaw Local

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  Speaker 1: Heartland Bank to acquire merge with Tri County Financial Group
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  Speaker 1: and two hundred million dollars transaction Written by Mathias Werner,
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  Speaker 1: This article is being read by an automated voice brought
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  Speaker 1: to you by Everlett. Monday says saw the closing of
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  Speaker 1: a deal that would merge Mendota based First State Bank
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  Speaker 1: with Heartland Bank and trust company. Heartland acquired Tri County
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  Speaker 1: Financial Group, Inc. The holding company of First State Bank.
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  Speaker 1: The combined common stock and cash transaction is valued at approximately
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  Speaker 1: two hundred four point six million dollars, according to a
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  Speaker 1: joint news release from the companies, a figure based on
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  Speaker 1: Heartland's closing stock price of thirty six dollars and thirty
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  Speaker 1: five cents as of August seventh. I believe this merger
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  Speaker 1: marks an exciting new chapter for our organization. It is
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  Speaker 1: also rooted in the same principles that have guided us
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  Speaker 1: for decades, serving customers well, supporting our communities, and creating
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  Speaker 1: long term value for our shareholders. Tri County Chairman Thomas
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  Speaker 1: Prescott said, we are delighted to partner with an institution
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  Speaker 1: that shares those beliefs and are confident that the future
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  Speaker 1: holds tremendous promise for everyone connected to our bank. First
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  Speaker 1: State Bank has nineteen locations throughout central and northern Illinois,
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  Speaker 1: with total assets of one point six billion dollars, total
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  Speaker 1: loans of one point three billion dollars, and total deposits
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  Speaker 1: of one point three billion dollars as of June thirtieth,
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  Speaker 1: according to the release. We are looking forward to the
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  Speaker 1: opportunities this partnership will create, said Kirk Ross, President and
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  Speaker 1: CEO of Tri County. Together, we will be stronger, more innovative,
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  Speaker 1: and better position to meet the evolving needs of those
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  Speaker 1: we serve, while remaining committed to the relationships and personal
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  Speaker 1: service that define who we are. The merger is expected
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  Speaker 1: to close in the first quarter of twenty twenty seven,
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  Speaker 1: according to the release, and is subject to approval by
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  Speaker 1: the Tri County Financial Group Shareholders, required regulatory approvals, and
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  Speaker 1: other customary closing conditions. I look forward to working with
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  Speaker 1: Kirk Ross and his team at First State Bank to
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  Speaker 1: continue to deliver high quality service to their customers. President
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  Speaker 1: and CEO of Heartland Bank and Trust Company, Jay Lance Carter,
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  Speaker 1: said HBT's disciplined approach to him and A has allowed
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  Speaker 1: us to maintain strong financial performance while expanding our asset
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  Speaker 1: base and the communities that we serve. We are confident
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  Speaker 1: our merger with First State Bank will continue that success.
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  Speaker 1: Heartland Bank and Trust Company has eighty three locations throughout Illinois,
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  Speaker 1: Eastern Iowa, and suburban Saint Louis, with total assets of
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  Speaker 1: six point seven billion dollars, total loans of four point
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  Speaker 1: eight billion dollars, and total deposits of five point eight
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  Speaker 1: billion dollars as of June thirtieth. According to the release,
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  Speaker 1: First State Bank is a fine addition to Heartland Bank.
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  Speaker 1: I have followed their bank for many years, and as
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  Speaker 1: we serve several of the same markets, I know their
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  Speaker 1: communities are very similar to ours. Executive Chairman of Heartland
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  Speaker 1: Bank and Trust Company, Fred Drake said, we look forward
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  Speaker 1: to getting to know their staff and working with their customers.
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  Speaker 1: The combined company will have approximately eight point three billion
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  Speaker 1: dollars in total assets, six billion dollars in total loans,
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  Speaker 1: and approximately seven point one billion dollars in total deposits,
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  Speaker 1: according to the release. According to the merger agreement, Prescott
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  Speaker 1: is to be appointed to Heartland's board of directors at
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  Speaker 1: the time of the merger. This deal was completed through
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  Speaker 1: legal advisors for both sides. Vetter Price PC served as
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  Speaker 1: legal counsel and Piper Sandler and Company served as financial
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  Speaker 1: advisor to Heartland. According to the release, Barack Ferrasano, Kershbaum
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  Speaker 1: and Nagelberg LLP served as legal counsel and Performance Trust
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  Speaker 1: Capital Partners LLC served as financial advisor to Try Counting