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Illinois-based HBT Financial files for IPO

HBT Financial Inc., formerly known as Heartland Bancorp Inc., filed a Form S-1 for a proposed IPO of its common stock.

The proposed maximum aggregate offering price is $100 million, estimated solely to calculate the registration fee. The registration statement did not specify the number of shares to be offered by the company, which has applied to list its common stock on the Nasdaq Global Select Market under the symbol HBT.

The Bloomington, Ill.-based company intends to use the net proceeds to fund a distribution to its existing stockholders immediately after the closing of the offering. If the underwriters elect to exercise their 30-day option to buy additional shares, the company plans to use the net proceeds from those shares to support its growth, including to fund organic growth and implement strategic initiatives, which may include the potential expansion of its business through opportunistic acquisitions, for working capital and for other general corporate purposes, and to strengthen its regulatory capital.

More than 95% of the company's currently outstanding common stock is held in a voting trust pursuant to which HBT Financial CEO Fred Drake exercises voting control. Upon the closing of the offering, the voting trust will continue to beneficially own more than 50% of the voting power for the election of directors and HBT Financial will be a "controlled company" under the Nasdaq corporate governance rules.

The filing listed Keefe Bruyette & Woods Inc. and J.P. Morgan Securities LLC as underwriters for the offering.