Form 4: HBT Financial Director Allen C. Drake Reports Significant Share Ownership Restructuring Following Trust Termination

Allen C. Drake, a Director and 10% Owner of HBT Financial, Inc., reported a significant change in his beneficial ownership of common stock due to the termination of a family trust and the distribution of shares.

Summary

• Allen C. Drake, a Director and 10% Owner of HBT Financial, Inc. (HBT), reported changes in his beneficial ownership of the company's common stock.
• The George E. Drake Inter-Vivos Family Trust, for which Mr. Drake was a trustee and beneficiary, has been terminated.
• As a result of the trust's termination, trust certificates representing common stock were distributed to beneficiaries.
• Mr. Drake received 1,484,970 trust certificates, which represent an indirect interest in HBT Financial common stock through the Heartland Bancorp, Inc. Voting Trust.
• The filing indicates a disposition of 5,939,880 shares from the terminated Inter-Vivos Trust's indirect ownership, and an acquisition of 1,484,970 shares by Mr. Drake directly from the trust's distribution, both at a price of $0.
• Following these transactions, Mr. Drake beneficially owns 1,496,288 shares indirectly through the Voting Trust, 3,400 shares directly, and his spouse holds 200,980 shares indirectly through the Voting Trust, for which Mr. Drake disclaims beneficial ownership except for his pecuniary interest.

Sentiment

Score: 5

Explanation: Neutral. A Form 4 is a factual disclosure of insider ownership changes. It does not inherently convey positive or negative sentiment regarding the company's performance or prospects, but rather a restructuring of a significant shareholder's holdings.

Future Outlook

The document, an SEC Form 4, is a factual report of changes in beneficial ownership and does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This SEC Form 4 filing details a change in the beneficial ownership structure of a significant insider, Allen C. Drake, a Director and 10% owner of HBT Financial, Inc. Such filings are standard disclosures for insider transactions and do not typically reflect broader industry trends but rather specific individual or entity-level ownership adjustments.

Related Party Transactions

• The reported transaction involves the termination of the George E. Drake Inter-Vivos Family Trust, for which the reporting person, Allen C. Drake, was a trustee and beneficiary. The distribution of shares from this trust to Mr. Drake constitutes a transaction involving a related party.

Stakeholder Impact

• Shareholders: The filing clarifies the beneficial ownership structure of a significant insider, Allen C. Drake, indicating a shift from indirect ownership through a family trust to more direct indirect ownership through the Voting Trust. This provides transparency regarding a major shareholder's holdings.

Key Dates

Keywords

HBT Financial, Allen C. Drake, SEC Form 4, Beneficial Ownership, Trust Termination, Common Stock, Insider Trading, Director Ownership, 10% Owner, Heartland Bancorp Voting Trust