Heartland Bank parent launches IPO

HBT Financial, the holding company for Heartland Bank and Trust Company and State Bank of Lincoln, launched an initial public offering of stock Thursday.

The Bloomington-based financial institution is selling a total of 8.3 million shares of common stock at an initial price of $16 per share. Shares began trading on the Nasdaq Global Select Market Friday under the symbol "HBT."

The company expects to net proceeds from the offering to be approximately $121.3 million, which it intends to be part of a $170 million distribution to stockholders.

HBT's banks, with assets totaling $3.2 billion, has 64 branches in Illinois, including locations in Schaumburg, Gurnee, Aurora, Antioch, Plainfield, Shorewood, and Hampshire.

Under the IPO, underwriters will have a 30-day option to purchase an additional 1.245 million shares from HBT at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on Oct. 16, bank officials said.

Keefe, Bruyette & Woods, a Stifel Company and J.P. Morgan are acting as joint book-running managers for the offering. Raymond James, Sandler O'Neill + Partners, L.P. and D.A. Davidson & Co. are acting as co-managers.