HBT Financial, Inc. Announces Executive Officer Transition Plans
November 23 2022 - 7:05AM
HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT”), the
holding company for Heartland Bank and Trust Company (“Heartland
Bank”), today announced that Patrick F. Busch, Executive Vice
President and Chief Lending Officer of the Company and President
and Chief Lending Officer of Heartland Bank, will step down from
these roles on December 31, 2022. Mr. Busch will remain with
Heartland Bank, serving in the newly created position of Vice
Chairman where he will continue to be involved in business
development. Mr. Busch will also remain a member of both the
Company and Heartland Bank boards of directors. J. Lance Carter,
President and Chief Operating Officer of the Company and COO of
Heartland Bank, will assume the additional title of President of
Heartland Bank, effective January 1, 2023. Lawrence J. Horvath,
currently Executive Vice President and Regional Senior Lending
Manager of Heartland Bank, has been named Executive Vice President
and Chief Lending Officer of the Company and Heartland Bank,
effective January 1, 2023.
Fred L. Drake, Chairman and Chief Executive Officer of the
Company, commented, “Pat Busch has been an integral part of the
success of the Company and Heartland Bank since 1995. On behalf of
the entire Company, I would like to thank him for the valuable role
he’s played in the significant growth of the Company, and for his
leadership in helping create the strong lending culture that has
served as the foundation of our franchise. In his new role as Vice
Chairman, Pat will continue to develop strong commercial lending
relationships in our northern Illinois markets. Larry Horvath will
be a strong successor to Pat as our new Chief Lending Officer and
will carry on the conservative credit culture that has resulted in
the Company being a high performing bank.”
Lawrence J. Horvath joined Heartland Bank in 2010 and currently
oversees commercial lending for all Heartland Bank markets outside
Cook County and the Chicago Suburban area, as well as treasury
management services. Mr. Horvath’s 37 years of banking experience
include commercial lending and credit review, mergers and
acquisitions, market leadership, and serving as President and CEO
of a Bloomington, Illinois community bank. He is active in the
Bloomington, Illinois community serving on boards of various local
organizations. In addition, he currently serves on the board of the
Illinois Bankers Association, is on the loan committee for the
largest community development corporation in the state, and is also
Heartland Bank’s representative serving on the board for the
Illinois Real Estate Title Center. Mr. Horvath holds a BS in
Finance from Western Illinois University.
About HBT Financial, Inc.
HBT Financial, Inc., headquartered in Bloomington, Illinois, is
the holding company for Heartland Bank and Trust Company, and has
banking roots that can be traced back to 1920. HBT provides a
comprehensive suite of business, commercial, wealth management, and
retail banking products and services to individuals, businesses and
municipal entities throughout Central and Northeastern Illinois and
Eastern Iowa through 58 full-service branches. As of
September 30, 2022, HBT had total assets of $4.2 billion,
total loans of $2.6 billion, and total deposits of
$3.6 billion.
Forward-Looking Statements
Readers should note that in addition to the historical
information contained herein, this press release contains, and
future oral and written statements of the Company and its
management may contain, "forward-looking statements" within the
meanings of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "will," "propose," "may,"
"plan," "seek," "expect," "intend," "estimate," "anticipate,"
"believe," "continue," or “should,” or similar terminology. Any
forward-looking statements presented herein are made only as of the
date of this press release, and the Company does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited
to: (i) the strength of the local, state, national and
international economies (including effects of inflationary
pressures and supply chain constraints); (ii) the economic impact
of any future terrorist threats and attacks, widespread disease or
pandemics (including the COVID-19 pandemic in the United States),
acts of war or other threats thereof, or other adverse external
events that could cause economic deterioration or instability in
credit markets, and the response of the local, state and national
governments to any such adverse external events; (iii) changes in
accounting policies and practices, as may be adopted by state and
federal regulatory agencies, the FASB or the PCAOB; (iv) changes in
state and federal laws, regulations and governmental policies
concerning the Company’s general business; (v) changes in interest
rates and prepayment rates of the Company’s assets (including the
impact of LIBOR phase-out); (vi) increased competition in the
financial services sector and the inability to attract new
customers; (vii) changes in technology and the ability to develop
and maintain secure and reliable electronic systems; (viii)
unexpected results of acquisitions, which may include failure to
realize the anticipated benefits of acquisitions and the
possibility that transaction costs may be greater than anticipated;
(ix) the loss of key executives or employees; (x) changes in
consumer spending; (xi) unexpected outcomes of existing or new
litigation involving the Company; (xii) the economic impact of
exceptional weather occurrences such as tornadoes, floods and
blizzards; (xiii) the possibility that stockholders of Town and
Country Financial Corporation (“Town and Country”) may not approve
the merger agreement; (xiv) the risk that a condition to closing of
the proposed transaction may not be satisfied, that either party
may terminate the merger agreement or that the closing of the
proposed transaction might be delayed or not occur at all; (xv)
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the transaction; (xvi) the diversion of management
time on transaction-related issues; (xvii) the ultimate timing,
outcome and results of integrating the operations of Town and
Country into those of HBT; (xviii) the effects of the merger on
HBT’s future financial condition, results of operations, strategy
and plans; (xix) regulatory approvals of the transaction; and (xx)
the ability of the Company to manage the risks associated with the
foregoing. Readers should note that the forward-looking statements
included in this press release are not a guarantee of future
events, and that actual events may differ materially from those
made in or suggested by the forward-looking statements. Additional
information concerning the Company and its business, including
additional factors that could materially affect the Company’s
financial results, is included in the Company’s filings with the
Securities and Exchange Commission.
CONTACT:Tony RossiHBTIR@hbtbank.com(310)
622-8221
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