Hawthorn Bancshares to Acquire FSC Bancshares for $28.3M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 29 2026
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Should l Buy HWBK?
Hawthorn Bancshares and FSC Bancshares announced the signing of an agreement and plan of reorganization pursuant to which Hawthorn will acquire FSC in a cash and stock transaction valued at approximately $28.3M. Based on financial data as of March 31, the combined company is expected to have total assets of $2.2B, total loans of $1.7B, and total deposits of $1.9B. "The proposed transaction will further strengthen Hawthorn's community banking franchise and meaningfully expand its presence in northern Missouri, adding approximately $384 million in total assets and nine branch locations across the Farmers State Bank footprint," the companies said. Hawthorn expects the proposed transaction to be accretive to earnings per share by 20% on fully phased in basis. Tangible book value dilution at closing is expected to be 9.8% and earned back in approximately 3.0 years using the crossover method.
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Analyst Views on HWBK
About HWBK
Hawthorn Bancshares, Inc. is a bank holding company. The Company offers checking and savings accounts, internet banking, debit cards, certificates of deposit, brokerage services, safety deposit boxes and a range of lending services, including commercial and industrial loans, single payment personal loans, installment loans and commercial and residential real estate loans. It also offers, through the Wealth Management segment, a range of financial and investment planning services for individuals and business owners, as well as trust services. Its segments include the Bank segment and the Wealth Management segment. Its service areas include Jefferson City, Columbia, Clinton, Warsaw, and Springfield, Missouri and the Kansas City metropolitan statistical area. The Company's subsidiaries include Hawthorn Bank, Jefferson City IHC, LLC, HB Realty, LLC, Exchange National Statutory Trust I, Exchange National Statutory Trust II, and Hawthorn Real Estate, LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Hawthorn Bancshares to Acquire FSC Bancshares for $28.3 Million
- Acquisition Overview: Hawthorn Bancshares (HWBK) announced its agreement to acquire FSC Bancshares in a cash-and-stock deal valued at approximately $28.3 million, which is expected to significantly enhance its market presence in Missouri.
- Asset Expansion: The acquisition will add about $384 million in assets and nine branch locations to Hawthorn, thereby improving its service capabilities and market coverage.
- Earnings Expectations: Hawthorn stated that the acquisition is expected to be accretive to earnings per share, further solidifying its financial performance and attracting investor interest.
- Transaction Timeline: The deal is anticipated to close in the third quarter of 2026, subject to regulatory and shareholder approvals, reflecting Hawthorn's cautious approach to business expansion.
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Hawthorn Bancshares Reports Strong Q1 Earnings
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- Significant Revenue Increase: The company achieved revenues of $21.44 million in Q1, marking a 14.3% year-over-year growth, primarily driven by increased loan demand and rising interest rates, showcasing its competitive position in the market.
- Dividend Performance: Hawthorn Bancshares has demonstrated a strong dividend scorecard, indicating its commitment to providing stable returns to shareholders while maintaining profitability growth, which enhances the attractiveness of the investment.
- Transparent Financial Information: The financial information released by the company is clear and transparent, bolstering market trust in its financial health and providing strong support for future capital operations and investment decisions.
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- New Board Appointment: Hawthorn Bancshares has appointed Grant Burcham to its Board of Directors, with a term extending until the 2028 annual shareholder meeting, aiming to leverage his extensive banking experience to drive company growth.
- Extensive Industry Background: Burcham brings over 30 years of executive experience, having served as Chairman and CEO of Missouri Bank & Trust, where he led significant growth before its sale in 2016, showcasing his leadership capabilities.
- Investment and Leadership Skills: As Managing Partner of Big Bear Ventures, Burcham excels in private investment and board leadership, recognized as Ernst & Young's Entrepreneur of the Year, highlighting his influence in the business community.
- Strategic Vision: CEO Brent Giles expressed that Burcham's entrepreneurial vision and operational discipline will provide new growth momentum for the company, helping maintain its competitive edge in future developments.
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- Revenue Increase: The company's revenue rose by 12.2% in the fourth quarter to $21.17 million, up from $18.87 million last year, reflecting strong business expansion and increased market demand.
- Financial Health: With sustained revenue growth and improved profitability, Hawthorn Bancshares demonstrates robust financial health, laying a solid foundation for future investments and expansion.
- Market Confidence Boost: The dual growth in profit and revenue is likely to enhance investor confidence in Hawthorn Bancshares, potentially attracting more investor interest in its stock performance.
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Hawthorn Bancshares Reports Strong Q4 Earnings
- Earnings Performance: Hawthorn Bancshares reported a GAAP EPS of $0.90 for Q4, demonstrating stability in profitability, which is crucial for maintaining investor confidence amid market fluctuations.
- Revenue Growth: The company achieved revenue of $21.16 million in Q4, indicating positive progress in business expansion and customer base, thereby enhancing its competitive position in the banking sector.
- Attractiveness Analysis: Despite an increase in share price, Seeking Alpha's quantitative rating still considers Hawthorn Bancshares attractive, reflecting investor confidence in its future growth potential, which may draw more investor interest.
- Dividend Performance: The dividend scorecard for Hawthorn Bancshares indicates stability in its dividend offerings, further enhancing its appeal as an income investment choice, especially in the current economic climate.
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Daily Upgrade Report for Validea Motley Fool Strategy - November 19, 2025
Validea's Small-Cap Growth Investor Model: The model, based on Motley Fool's strategy, identifies small-cap growth stocks with strong fundamentals and price performance, highlighting recent upgrades for specific stocks.
Woori Financial Group Inc. (WF): This large-cap value stock's rating improved from 69% to 76%, indicating solid fundamentals and valuation, with a score above 80% suggesting interest from the strategy.
Hawthorn Bancshares Inc. (HWBK): This small-cap value stock's rating increased from 65% to 72%, reflecting positive changes in its fundamentals and valuation, though it remains below the 80% interest threshold.
ABB Ltd (ABBNY) and Bank of Nova Scotia (BNS): Both large-cap stocks saw their ratings rise to 72%, indicating improved fundamentals and valuation, but still fall short of the 80% interest level typically sought by the strategy.
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Hawthorn Bancshares to Acquire FSC Bancshares for $28.3 Million
- Acquisition Overview: Hawthorn Bancshares (HWBK) announced its agreement to acquire FSC Bancshares in a cash-and-stock deal valued at approximately $28.3 million, which is expected to significantly enhance its market presence in Missouri.
- Asset Expansion: The acquisition will add about $384 million in assets and nine branch locations to Hawthorn, thereby improving its service capabilities and market coverage.
- Earnings Expectations: Hawthorn stated that the acquisition is expected to be accretive to earnings per share, further solidifying its financial performance and attracting investor interest.
- Transaction Timeline: The deal is anticipated to close in the third quarter of 2026, subject to regulatory and shareholder approvals, reflecting Hawthorn's cautious approach to business expansion.
See More
Hawthorn Bancshares Reports Strong Q1 Earnings
- Earnings Per Share Growth: Hawthorn Bancshares reported a GAAP EPS of $0.98 for Q1, reflecting a significant increase compared to the previous year, which enhances investor confidence in the company's profitability.
- Significant Revenue Increase: The company achieved revenues of $21.44 million in Q1, marking a 14.3% year-over-year growth, primarily driven by increased loan demand and rising interest rates, showcasing its competitive position in the market.
- Dividend Performance: Hawthorn Bancshares has demonstrated a strong dividend scorecard, indicating its commitment to providing stable returns to shareholders while maintaining profitability growth, which enhances the attractiveness of the investment.
- Transparent Financial Information: The financial information released by the company is clear and transparent, bolstering market trust in its financial health and providing strong support for future capital operations and investment decisions.
See More
Hawthorn Bancshares Appoints New Board Member
- New Board Appointment: Hawthorn Bancshares has appointed Grant Burcham to its Board of Directors, with a term extending until the 2028 annual shareholder meeting, aiming to leverage his extensive banking experience to drive company growth.
- Extensive Industry Background: Burcham brings over 30 years of executive experience, having served as Chairman and CEO of Missouri Bank & Trust, where he led significant growth before its sale in 2016, showcasing his leadership capabilities.
- Investment and Leadership Skills: As Managing Partner of Big Bear Ventures, Burcham excels in private investment and board leadership, recognized as Ernst & Young's Entrepreneur of the Year, highlighting his influence in the business community.
- Strategic Vision: CEO Brent Giles expressed that Burcham's entrepreneurial vision and operational discipline will provide new growth momentum for the company, helping maintain its competitive edge in future developments.
See More
Hawthorn Bancshares Reports Increased Q4 Profit
- Profit Growth: Hawthorn Bancshares reported a fourth-quarter profit of $6.19 million, or $0.90 per share, marking a significant increase from last year's $4.60 million and $0.66 per share, indicating enhanced profitability.
- Revenue Increase: The company's revenue rose by 12.2% in the fourth quarter to $21.17 million, up from $18.87 million last year, reflecting strong business expansion and increased market demand.
- Financial Health: With sustained revenue growth and improved profitability, Hawthorn Bancshares demonstrates robust financial health, laying a solid foundation for future investments and expansion.
- Market Confidence Boost: The dual growth in profit and revenue is likely to enhance investor confidence in Hawthorn Bancshares, potentially attracting more investor interest in its stock performance.
See More
Hawthorn Bancshares Reports Strong Q4 Earnings
- Earnings Performance: Hawthorn Bancshares reported a GAAP EPS of $0.90 for Q4, demonstrating stability in profitability, which is crucial for maintaining investor confidence amid market fluctuations.
- Revenue Growth: The company achieved revenue of $21.16 million in Q4, indicating positive progress in business expansion and customer base, thereby enhancing its competitive position in the banking sector.
- Attractiveness Analysis: Despite an increase in share price, Seeking Alpha's quantitative rating still considers Hawthorn Bancshares attractive, reflecting investor confidence in its future growth potential, which may draw more investor interest.
- Dividend Performance: The dividend scorecard for Hawthorn Bancshares indicates stability in its dividend offerings, further enhancing its appeal as an income investment choice, especially in the current economic climate.
See More
Daily Upgrade Report for Validea Motley Fool Strategy - November 19, 2025
Validea's Small-Cap Growth Investor Model: The model, based on Motley Fool's strategy, identifies small-cap growth stocks with strong fundamentals and price performance, highlighting recent upgrades for specific stocks.
Woori Financial Group Inc. (WF): This large-cap value stock's rating improved from 69% to 76%, indicating solid fundamentals and valuation, with a score above 80% suggesting interest from the strategy.
Hawthorn Bancshares Inc. (HWBK): This small-cap value stock's rating increased from 65% to 72%, reflecting positive changes in its fundamentals and valuation, though it remains below the 80% interest threshold.
ABB Ltd (ABBNY) and Bank of Nova Scotia (BNS): Both large-cap stocks saw their ratings rise to 72%, indicating improved fundamentals and valuation, but still fall short of the 80% interest level typically sought by the strategy.
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