Hawthorn Bancshares to acquire FSC Bancshares for $28M ($14M cash, $14M in HBI stock)

Filed July 22, 2026 · ~2 min read

Key Changes

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  Hawthorn Bancshares (HBI) will acquire FSC Bancshares (FBI) for $28 million total consideration: $14 million in cash and $14 million in HBI common stock (413,101 shares). FBI shareholders will own approximately 5.6% of the combined company post-merger.

  Business view on EDGAR →
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  FBI reported Q1 2026 net income of $0.9 million, up 22% year-over-year from $0.7 million. Net interest margin expanded to 3.84% from 3.67%, while total deposits declined $9.8 million to $342.3 million.

  Management's Discussion and Analysis verify on EDGAR →
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  HBI notes it has identified material weaknesses in internal controls over financial reporting in the past and may do so again to its auditors and audit committee. The filing states the disclosure exactly at this scope with no duration specified.

  Business view on EDGAR →