Bloomington Based Bank to Acquire First State Bank

BLOOMINGTON — Heartland Bank and Trust Company is set to acquire First State Bank of Mendota in a transaction valued at approximately $204.6 million. Heartland Bank’s parent company, HBT Financial, and First State Bank’s parent company, Tri-County Financial Group, announced Monday that they have signed a merger agreement. First State Bank operates 19 locations across central and northern Illinois, including in Rochelle, and had $1.6 billion in assets, $1.3 billion in loans and $1.3 billion in deposits as of June 30. The combined company is expected to have about $8.3 billion in assets, $6 billion in loans and $7.1 billion in deposits, with locations across Illinois, eastern Iowa and suburban St. Louis. The merger has been approved by both companies’ boards of directors and is expected to close in the first quarter of 2027, pending shareholder and regulatory approvals. Tri-County shareholders will receive cash, HBT Financial stock or a combination of both under the terms of the agreement.