HBT Financial, Inc. Announces Executive Officer Transition Plans
April 03 2023 - 8:30AM
HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT”), the
holding company for Heartland Bank and Trust Company (“Heartland
Bank”), today announced that Fred L. Drake, Chairman and CEO of the
Company and Chairman of Heartland Bank, will transition to the
newly created role of Executive Chairman of the Company and
Heartland Bank effective May 24, 2023. At that time, J. Lance
Carter, President and Chief Operating Officer of the Company and
Heartland Bank, will assume the role of President and CEO of the
Company and Heartland Bank.
Fred Drake stated, “I am very pleased to have Lance Carter
assume responsibility as CEO of HBT Financial and Heartland Bank.
In recent years, Lance has demonstrated the capability to lead HBT
into the future. Over his 22-year career with us, he has
gained experience with overall bank management, including credit
administration, mergers/acquisitions, and overseeing a public
company. Just as important, he has the trust and respect of
our board, executive team, and the bank officers and staff.”
“I’m honored by the confidence placed in me by Fred and our
Board,” said Carter. “Since 2001, I’ve had the privilege to work
closely with Fred and Pat Busch, Vice-Chairman of Heartland Bank,
which I believe has prepared me well for this new role. I am
excited to continue building on the banking foundation that Fred
and his family began over 100 years ago. Heartland is a company I
have always been proud to be a part of.”
“On behalf of the Board, I want to thank Fred for his vision and
leadership as CEO and congratulate Lance on this new leadership
role. The Board looks forward to Fred’s continued guidance as
Executive Chairman on strategic endeavors for profitable growth and
strong bank performance,” shared Eric Burwell, Principal of Burwell
Management Company, and board member of the Company and Heartland
Bank since 2005.
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 Illinois and Eastern Iowa through
66 full-service branches. As of December 31, 2022, HBT had
total assets of $4.3 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 ultimate timing, outcome and results of
integrating the operations of Town and Country Financial
Corporation (“Town and Country”) into those of HBT; (xiv) the
effects of the Town and Country merger on HBT’s future financial
condition, results of operations, strategy and plans; and (xv) 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:Peter
ChapmanHBTIR@hbtbank.com888-897-2276
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