In a heartwarming tale of community banking, HBT Financial, the proud parent company of Heartland Bank and Trust, has made headlines by snagging the top spot on Forbes’ list of America’s Best Banks for 2026. Rooted in the delightful farming community of Cornland, Illinois, this resilient bank has evolved over the decades into a powerhouse with $6.9 billion in assets, all while keeping its small-town charm intact.
Founded in the roaring 20s, Heartland Bank and Trust started with just $35,000, a true testament to the power of hard work and dedication. Led by Fred Drake, the grandson of founder MB Drake, the bank has weathered the storms of economic downturns, including the Great Depression. With a deep understanding of relationship-based lending, Fred insists that knowing the community and its people is key to their significant growth spurt. After all, HBT has expanded from Cornland to 84 branches across Illinois, Eastern Iowa, and Missouri, showing that small banks can indeed play on the big stage.
It’s not just the size that’s impressive. Forbes evaluated a whopping 200 banks and thrifts, ranking HBT first in a variety of categories, including credit quality and profitability. While the major banks like JP Morgan Chase, which ranks 40th on the list, benefit from enormous asset bases, small banks like HBT thrive on an efficient, customer-centric approach. As interest rates have climbed, these smaller institutions have enjoyed a healthy net interest margin, proving that their simpler models offer a refreshing alternative to the sprawling money center banks.
Moreover, while big banks are racing ahead with their tech innovations and expanding branch networks, small banks remain steadfast in their foundational values. They provide communities with loyal customer relationships leading to low-risk deposits. In the wake of recent banking turmoil, these regional banks did not just survive; they thrived. Their reliability and commitment to customers have made them the unsung heroes in the finance world. Most of these institutions are even profitable, a silver lining when looking at the state of the banking sector today.
With mergers and acquisitions buzzing across the financial landscape, HBT is making moves to keep up the momentum. Their recent acquisition of CMBB bank shares is set to bolster their assets even further, showcasing their ambition to grow—and do so smartly. As Fred Drake steps back from the CEO role, he continues to guide the ship as chairman, ensuring the family maintains its stake in this extraordinary journey. With shares surging 80% since going public in 2019, it seems that the legacy of HBT is in excellent hands.
So, as HBT Financial basks in its well-deserved recognition, it’s a poignant reminder that somewhere in the heartland of America, small banks are not merely surviving but flourishing. They stand as a shining example of what can happen when community loyalty and solid banking principles come together. While the future is filled with uncertainties, one thing is for sure: small-town banking is here to stay—and it’s ready to take on the world.
