Fred L. Drake has been a significant figure at HBT Financial, Inc., serving as CEO from October 1, 2019, until he transitioned to Executive Chairman on May 24, 2023. He has over three decades of experience in the banking sector,...
Fred L. Drake has been a significant figure at HBT Financial, Inc., serving as CEO from October 1, 2019, until he transitioned to Executive Chairman on May 24, 2023. He has over three decades of experience in the banking sector, having been instrumental in the bank's growth strategies and community impact since he joined in 1983. Under Fred's leadership, HBT Financial has seen substantial growth and development, particularly in entering new markets. He holds a dual role as Chairman of Heartland Bank, overseeing vital operational decisions. What stands out about Fred is his connection to the company; he holds a controlling interest, giving him unique insight into both the organization and shareholder interests. His compensation has varied from $1.1 million in 2021 to approximately $672,566 in 2023, reflecting a performance-based structure. Interestingly, he co-founded a voting trust that controls over 53% of HBT Financial’s voting shares. This strong ownership link influences company direction and governance. Fred's brother, Allen Drake, also serves on the board, adding a family dimension to the leadership dynamics. Despite stepping back from the CEO role, he remains deeply involved in shaping the company's future as Executive Chairman.