SCHEDULE: HBT Financial: Fred L. Drake Retains Majority Control as Allen C. Drake Exits Below 5% Ownership Threshold

Fred L. Drake maintains majority beneficial ownership of HBT Financial, Inc. with 54.9% of common stock, while Allen C. Drake's beneficial ownership drops to 4.4% following a trust dissolution, triggering an exit filing.

Summary

• Fred L. Drake beneficially owns 17,276,215 shares of HBT Financial, Inc. Common Stock, representing 54.9% of the outstanding shares.
• The Heartland Bancorp, Inc. Voting Trust, for which Fred L. Drake is the sole trustee, directly holds 17,210,400 shares, or 54.6% of the outstanding shares.
• Allen C. Drake's beneficial ownership has decreased to 1,370,068 shares, representing 4.4% of the outstanding common stock.
• The decrease in Allen C. Drake's ownership is due to the dissolution of The George E. Drake Inter-Vivos Family Trust, which previously held trust certificates representing 5,939,880 shares.
• This filing serves as an exit filing for Allen C. Drake, as he no longer owns five percent or more of HBT Financial's Common Stock.
• All percentages are based on 31,495,434 shares of Common Stock outstanding as of June 30, 2025.

Sentiment

Score: 5

Explanation: The filing primarily reports a change in beneficial ownership status for one individual (Allen C. Drake dropping below 5%) and confirms the continued majority ownership by another (Fred L. Drake). It does not contain information that would inherently be positive or negative for the company's operations or financial performance.

Positives

• Fred L. Drake maintains significant majority control (54.9%) of HBT Financial, Inc., providing stability in leadership and strategic direction.

Negatives

• Allen C. Drake, who previously had significant beneficial ownership through a trust, has reduced his stake below the 5% threshold, potentially indicating a divestment or restructuring of family holdings.

Risks

• Concentrated ownership by Fred L. Drake and the Voting Trust (54.9% and 54.6% respectively) means a single individual or entity has substantial control over corporate decisions, which could limit influence from other shareholders.

Future Outlook

NA

Industry Context

This filing is a standard disclosure of beneficial ownership changes, common across all publicly traded companies. It does not provide specific industry trends or competitive analysis.

Corporate Governance

Related Party Transactions

• Fred L. Drake's beneficial ownership includes shares held for the benefit of trusts for which he is the beneficiary and trustee (2,465,738 shares) and shares held for the benefit of trusts for which his wife is the beneficiary and trustee (154,800 shares).
• Allen C. Drake's beneficial ownership includes shares held for his benefit (1,166,288 shares) and shares held for the benefit of his wife (200,980 shares), all through trust certificates issued by the Voting Trust.
• The filing details the dissolution of The George E. Drake Inter-Vivos Family Trust, which previously held significant shares and for which Allen C. Drake served as trustee.

Stakeholder Impact

• Shareholders: The filing clarifies the concentrated ownership structure, with Fred L. Drake maintaining majority control, which could influence future strategic decisions and shareholder voting outcomes. Allen C. Drake's reduced stake means less influence from that specific family branch.

Key Dates

Keywords

HBT Financial, Fred L. Drake, Allen C. Drake, Schedule 13G, beneficial ownership, common stock, voting trust, shareholding, corporate governance, SEC filing