HBT in Illinois to enter Iowa with deal for a Cedar Rapids bank - American Banker

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HBT Financial in Bloomington, Illinois, has entered a deal to acquire NXT Bancorp in Cedar Rapids, Iowa.

The $42.8 million cash-and-stock deal, announced Monday, represents 134% of the $241 million-asset NXT’s tangible book value.

Acquiring NXT, the parent of the 75-year-old NXT Bank, would give $3.9 billion-asset HBT its first toehold in Eastern Iowa and Cedar Rapids, where NXT Bank holds 2% of the market's $7.2 billion in deposits.

“NXT is located in very nice communities in Eastern Iowa, and we are excited about serving the area,” HBT Chairman and CEO Fred Drake said in a press release.

The deal is expected to close in the fourth quarter. The combined company would have assets of $4.1 billion, loans of $2.5 billion and deposits of $3.5 billion.

“We’re excited to join with Heartland Bank to bring a broader line of financial services to our commercial and retail customers and to have the additional resources and expertise to expand our business,” NXT CEO Nathan Koch said in the release.

The deal is HBT’s first since its $158 million initial public offering in October 2019.

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HBT in Illinois to enter Iowa with deal for a Cedar Rapids bank - American Banker
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