08:05 AM EDT, 10/20/2025 (MT Newswires) -- HBT Financial ( HBT ) and CNB Bank Shares said Monday that they have agreed to a $170.2 million cash and stock merger.

Under the terms of the agreement, CNB shareholders will receive either 1.0434 HBT common shares for each CNB share, or $27.73 per share in cash, or a combination of cash and stock, according to a joint statement.

CNB shareholders are expected to own about 15% of HBT's outstanding common stock after the merger and the combined company will have around $6.9 billion in total assets and 84 branches in Illinois, Iowa, and Missouri, the companies said.

Each company's board has endorsed the deal, and shareholders representing around 28% of CNB's shares have agreed to vote their shares in favor of the merger, which is expected to close in Q1 2026, the companies said.