Hawthorn Bancshares closes FSC deal, $2.2B assets
Hawthorn Bancshares, Inc. (HWBK) completed its acquisition of FSC Bancshares, Inc. and its subsidiary Farmers State Bank on September 3, 2026.
Rhea-AI Filing Summary
Hawthorn Bancshares, Inc. (HWBK) completed its acquisition of FSC Bancshares, Inc. and its subsidiary Farmers State Bank on September 3, 2026. A two‑step merger structure was used: Hawthorn’s merger subsidiary first merged into FSC, which then merged into Hawthorn, followed by the merger of Farmers State Bank into Hawthorn Bank.
Each share of FSC common stock at the effective time was converted into the right to receive $73.7099 in cash plus 2.1823 shares of Hawthorn common stock, with additional cash paid in lieu of fractional shares. Aggregate consideration to FSC shareholders consisted of 413,101 Hawthorn shares and $13,953,000 in cash, plus cash for fractional shares.
The Hawthorn shares issued in the merger were registered on a Form S‑4 that was declared effective by the SEC in July 2026. Following the transaction, the combined company has approximately $2.2 billion in total assets, and Hawthorn expects customer conversion of Farmers State Bank to the Hawthorn platform in the first quarter of 2027.
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Filing Explained
The merger is complete, but acquired-business and pro forma financial information remain due by amendment within 71 days.
Although the merger became effective on
The 8-K states that financial statements for the acquired business and pro forma financial information will be filed by amendment no later than 71 days after the filing is required, so those materials are not included in this report.
8-K Event Classification
3 items: 2.01, 7.01, 9.01
3 items
Item 2.01
Completion of Acquisition or Disposition of Assets
Financial
The company completed a significant acquisition or sale of business assets.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Per-share cash consideration: $73.7099 per FSC share
Per-share stock consideration: 2.1823 HWBK shares per FSC share
HWBK shares issued: 413,101 shares
+5 more
8 metrics
Per-share cash consideration
$73.7099 per FSC share
Cash portion of merger consideration for each FSC common share at the effective time
Per-share stock consideration
2.1823 HWBK shares per FSC share
Stock portion of merger consideration for each FSC common share at the effective time
HWBK shares issued
413,101 shares
Total Hawthorn common shares delivered as aggregate stock consideration in the merger
Cash consideration
$13,953,000
Aggregate cash consideration paid to holders of FSC common stock, excluding cash for fractional shares
Combined total assets
$2.2 billion
Approximate total assets of the combined company after completion of the mergers
Customer conversion timing
First quarter of 2027
Expected timing for converting Farmers State Bank customers to the Hawthorn Bank platform
Form S-4 effectiveness date
July 21, 2026
Date the SEC declared effective the Registration Statement on Form S‑4 for the merger shares
Effective date of mergers
September 3, 2026
Date the corporate and bank mergers involving Hawthorn, FSC and Farmers State Bank became effective
Key Terms
Agreement and Plan of Reorganization, Registration Statement on Form S-4, Regulation FD Disclosure, fairness opinion, +2 more
6 terms
Agreement and Plan of Reorganization regulatory
"pursuant to the previously announced Agreement and Plan of Reorganization, dated as of April 29, 2026"
An agreement and plan of reorganization is a formal roadmap negotiated between a financially distressed company and its creditors that explains how debts, assets and ownership will be restructured so the business can continue operating. For investors it’s the document that determines who gets paid, what claims are reduced or converted into new shares, and how much existing equity may be wiped out or diluted — like a household rearranging bills and mortgages to stay solvent while deciding who gets repaid and how.
Registration Statement on Form S-4 regulatory
"The issuance of shares of HBI common stock in connection with the Merger was registered under the Securities Act pursuant to a Registration Statement on Form S-4"
A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure. On September 4, 2026, HBI issued a press release"
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
fairness opinion financial
"Olsen Palmer LLC rendered a fairness opinion to FSC."
A fairness opinion is a professional assessment that evaluates whether the terms of a financial deal, such as a merger or acquisition, are fair from a financial point of view. It helps investors and stakeholders understand if the deal is reasonable and balanced, much like an independent expert giving an unbiased judgment on whether a price or agreement is fair. This assurance can increase confidence that the transaction is fair for all parties involved.
forward-looking statements regulatory
"This communication contains, and future oral and written statements of Hawthorn Bancshares, Inc. may contain, forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
current expected credit loss, or CECL, methodology financial
"including those related to loan loss recognition under the current expected credit loss, or CECL, methodology"
FAQ
When will Farmers State Bank customers move onto the Hawthorn Bank platform?
Hawthorn Bank expects customer conversion of Farmers State Bank onto its platform to occur during the first quarter of 2027. Until then, Farmers State Bank customers will continue using their existing branches, website, and mobile app.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 3, 2026
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01 Other Events.
On September 3, 2026, pursuant to the previously announced Agreement and Plan of Reorganization, dated as of April 29, 2026 (the “Reorganization Agreement”), by and among Hawthorn Bancshares, Inc., a Missouri corporation (“HBI”), Hawthorn Holdco, Inc., a Missouri corporation and wholly-owned subsidiary of HBI (“Merger Sub”), and FSC Bancshares, Inc., a Missouri corporation (“FBI”), Merger Sub merged with and into FBI, with FBI surviving as a wholly owned subsidiary of HBI (the “First Step Merger”). Immediately following the First Step Merger and as part of the same overall transaction, FBI merged with and into HBI, with HBI continuing as the surviving corporation (the “Second Step Merger,” and together with the First Step Merger, the “Merger”). Immediately following the Merger and as part of the same overall transaction, Farmers State Bank, a Missouri state bank and wholly owned subsidiary of FBI (“Farmers State Bank”), merged with and into Hawthorn Bank, a Missouri state bank and wholly owned subsidiary of HBI (“Hawthorn Bank”), with Hawthorn Bank surviving the merger (the “Bank Merger”).
Pursuant to the terms of the Reorganization Agreement, each share of FBI common stock held immediately prior to the effective time of the Merger (the “Effective Time”) was converted into the right to receive (x) cash, without interest, of $73.7099, and (y) 2.1823 shares of HBI common stock, plus cash, without interest, in lieu of any fractional shares.
The total aggregate consideration delivered to holders of FBI common stock was (i) 413,101 shares of HBI common stock, (ii) $13,953,000 in cash, and (iii) cash in lieu of any fractional shares. The issuance of shares of HBI common stock in connection with the Merger was registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a Registration Statement on Form S-4 (File No. 333-297082) initially filed by HBI with the U.S. Securities and Exchange Commission (the “SEC”) on June 26, 2026 and declared effective by the SEC on July 21,2026.
The foregoing description of the Reorganization Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Reorganization Agreement, which was filed as Exhibit 2.1 to HBI’s Current Report on Form 8-K filed with the SEC on April 29, 2026 and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On September 4, 2026, HBI issued a press release announcing the completion of the Merger, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired
The financial statements required by this item will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date on which this Current Report on Form 8-K is required to be filed.
(b) Pro Forma Financial Information
The pro forma financial information required by this item will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date on which this Current Report on Form 8-K is required to be filed.
(d) Exhibits.
Exhibit No | Description | ||||
2.1 | Agreement and Plan of Reorganization, by and among the Company, Hawthorn HoldCo, Inc. and FSC Bancshares, Inc., dated as of April 29, 2026 (filed as Exhibit 2.1 to the Company’s current report on Form 8-K on April 29, 2026 and incorporated herein by reference). | ||||
99.1* | Press release, dated September 4, 2026, issued by Hawthorn Bancshares, Inc. | ||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document | ||||
*Furnished, not filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 4, 2026 | Hawthorn Bancshares, Inc. By: /s/ Brent M. Giles Name: Brent M. Giles Title: Chief Executive Officer | ||||
Exhibit 99.1
PRESS RELEASE – FOR IMMEDIATE RELEASE Hawthorn Bancshares, Inc. Completes Merger with FSC Bancshares, Inc.
JEFFERSON CITY, Mo., Sept. 4, 2026 /GLOBE NEWSWIRE/ -- Hawthorn Bancshares, Inc. (“Hawthorn”) (NASDAQ: HWBK), the Missouri-based holding company of Hawthorn Bank, today announced the completion of the merger of FSC Bancshares, Inc. (“FSC”) with and into Hawthorn, with Hawthorn continuing as the surviving corporation, and the merger of FSC’s wholly-owned banking subsidiary, Farmers State Bank, Cameron, Missouri, with and into Hawthorn Bank, with Hawthorn Bank continuing as the surviving bank. The mergers became effective on September 3, 2026.
“We welcome the Farmers State Bank team, customers and communities to Hawthorn. This partnership allows us to bring greater resources, expanded financial solutions, and enhanced capabilities to customers while preserving the relationship-based service and community focus that define both organizations,” said Brent Giles, Chief Executive Officer of Hawthorn.
The combined company now has total assets of approximately $2.2 billion. With the acquisition complete, Hawthorn Bank will initiate the integration of Farmers State Bank into its platform, with customer conversion anticipated to take place during the first quarter of 2027. In the meantime, Farmers State Bank customers will continue to receive service through their existing banking centers, website, and mobile app. Hawthorn Bank will provide detailed information to Farmers State Bank customers prior to the conversion.
Hawthorn Bank, headquartered in Jefferson City, Missouri, now operates twenty-seven banking locations across northern, central, western, and mid-Missouri, with one location in Kansas.
Raymond James & Associates, Inc. served as financial advisor to Hawthorn Bancshares, Inc., and Hunton Andrews Kurth LLP served as its legal counsel. Northland Capital Markets served as financial advisor to FSC Bancshares, Inc., and Stinson LLP served as its legal counsel. Olsen Palmer LLC rendered a fairness opinion to FSC.
About Hawthorn Bancshares, Inc. Hawthorn Bancshares, Inc. (NASDAQ: HWBK) is a financial holding company headquartered in Jefferson City, Missouri, and the parent company of Hawthorn Bank. Hawthorn Bank provides a broad range of commercial and consumer banking services, including deposit accounts, loans, treasury management services, and wealth services, to individuals and businesses across Missouri through its network of banking locations. Hawthorn is focused on delivering relationship-based community banking and supporting the financial needs of the communities it serves.
Exhibit 99.1
Cautionary Statement Regarding Forward-Looking Statements
This communication contains, and future oral and written statements of Hawthorn Bancshares, Inc. (“HBI”) and Hawthorn Bank (“Hawthorn Bank” or the “Bank”) may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act. These forward-looking statements reflect HBI’s current views with respect to future events and HBI’s financial performance. Any statements about HBI’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. HBI cautions that the forward-looking statements in this presentation are based largely on HBI’s current expectations, estimates, forecasts and projections and management assumptions about the future performance of HBI, as well as the business and markets in which it does and is expected to operate. Forward-looking statements include, but are not limited to: (i) projections and estimates of revenues, expenses, income or loss, earnings or loss per share, and other financial items, (ii) statements of plans, objectives and expectations of HBI or its management, (iii) statements of future economic performance, and (iv) statements of assumptions underlying such statements. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties, assumptions and other factors, that are difficult to assess and are subject to change based on factors which are, in many instances, beyond the control of HBI and Hawthorn Bank. These risks, uncertainties and other factors may cause the actual results, performance, and achievements of HBI and Hawthorn Bank to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, the expected impact of the acquisition of FSC Bancshares, Inc. (“FBI”) and the combined entities’ operations, financial condition, and financial results; the businesses of HBI and FBI may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the acquisition may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the acquisition, including adverse effects on relationships with employees, may be greater than expected; the impact on HBI of a decline in general economic conditions that would adversely affect credit quality and loan originations, and any regulatory responses thereto; slower economic growth rates or potential recession in the United States and HBI’s market areas; uncertainty or perceived instability in the banking industry as a whole; increased competition for deposits in our market areas among traditional and nontraditional financial services companies, and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the persistent inflationary pressures in the United States and HBI’s market areas; the uncertain impacts of current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and HBI’s market areas; adverse changes in customer spending, borrowing and savings habits; elevated asset prices; declines in housing and commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or the impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, military conflicts (including the conflicts in the Middle East, the possible expansion of such conflicts and potential geopolitical and economic consequences), acts of terrorism, geopolitical instability, domestic civil unrest or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts and the resulting impact on HBI and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in
Exhibit 99.1
the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including digital assets, artificial intelligence and machine learning; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; our ability to recognize the expected benefits and synergies of our completed acquisitions; changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology; and changes in applicable laws, regulations or policies in the United States, including those affecting our business, operations, pricing, products or services. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which HBI is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, HBI can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward- looking statements contained in this presentation. Additional information regarding these factors and uncertainties to which HBI’s business and future financial performance are subject is contained in HBI’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the U.S. Securities and Exchange Commission (the “SEC”), including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents HBI files or furnishes with the SEC from time to time. Further, any forward-looking statement speaks only as of the date on which it is made and HBI undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by applicable law. All forward-looking statements, express or implied, herein are qualified in their entirety by this cautionary statement.