Hills Bancorporation 8-K, filed May 15, 2026
Hills Bancorporation (HBIA)
8-K
2026-05-15
For: 2026-05-11
View Original
Added on
May 17, 2026
About this 8-K
Hills Bancorporation filed this 8-K on May 15, 2026, reporting on events of May 11, 2026.
Items reported
- Item 1.01: Entered into a material agreement
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
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Item 1.01 Entry into a Material Definitive Agreement.
On May 11, 2026, Hills Bank and Trust Company ("Hills Bank"), a wholly-owned subsidiary of Hills Bancorporation (the "Company"), entered into an Agreement of Purchase and Sale (the "Agreement") for the acquisition of land and improvements consisting of approximately 19.2 acres, which is a portion of land commonly known as 200 and 500 ACT Drive, Iowa City, Iowa. The Company intends to use the Property to consolidate operational teams in a single location and to address long-term operational needs. The Company's headquarters will remain in Hills, Iowa.
The purchase price is $20,700,000. The transaction is subject to a number of standard real estate purchase conditions including any required regulatory approvals. Closing is scheduled for the first quarter of 2027. Other than the Agreement, there is no material relationship between the Company or Hills Bank and the Seller.
The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference. Certain personally identifiable information, including notice addresses and contact information of individuals, has been omitted from the exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K because such information is not material and would likely cause competitive harm to the Company if publicly disclosed.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's intended use of the Property, anticipated closing date, and plans for future growth and operations. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the failure to obtain regulatory approval, the failure to satisfy conditions precedent to closing, adverse findings during the due diligence inspection period, and other risks described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
| Agreement of Purchase and Sale, dated May 11, 2026, by and between JNB Campus, LLC and Hills Bank and Trust Company (certain information has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K). | |||||
| Press Release | |||||
SIGNATURE
Pursuant to the requirement 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.
HILLS BANCORPORATION
Date: May 15, 2026
/s/ Anthony V. Roetlin
Anthony V. Roetlin,
Treasurer and Chief Financial Officer
Lisa Shileny President and Chief Executive Officer
FOR IMMEDIATE RELEASE Hills Bank Announces Purchase Within Former ACT Campus to Support Long-Term Operations and Continued Community Investment HILLS, Iowa – May 15, 2026 — Hills Bank and Trust Company announced today that it has entered into an agreement for the purchase of a portion of the former ACT campus in Iowa City, consisting of the ACT Ferguson and Davidsen Buildings. The acquisition supports the bank’s long-term operational needs while preserving and repurposing a professional campus in the community. Hills Bank has experienced sustained growth over time and reached capacity across several existing facilities. The purchase provides an opportunity to consolidate operational teams in a single location with space to support collaboration, efficiency, and future growth. “This is a thoughtful long-term decision that reflects our continued growth and commitment to remaining an independent, locally based community bank, while reinvesting in a site that has long been an important part of the Iowa City area,” said Lisa Shileny, President and Chief Executive Officer of Hills Bank and Trust Company. “It positions us to support our employees, customers, and communities well into the future.” The bank’s location in Hills, where the bank has been rooted for more than a century, will remain the company’s headquarters, retaining its full-service branch, leadership presence, and customer-service teams. The ACT property provides additional capacity beyond the bank’s current needs, and Hills Bank plans to use the space deliberately over time, including housing operational teams, utilizing shared areas for training and development, and leasing portions of the campus. The bank also expects to explore meaningful ways the property could remain active and connected to the broader community, consistent with its operational needs and ongoing stewardship. About Hills Bank and Trust Company Founded in 1904, Hills Bank and Trust Company is an independent, locally owned community bank serving eastern Iowa.