HILLS BANCORPORATION 8-K

What Happened
Hills Bancorporation (via its subsidiary Hills Bank and Trust Company) announced on May 11, 2026 that it entered into an Agreement of Purchase and Sale to acquire approximately 19.2 acres at 200 and 500 ACT Drive, Iowa City, Iowa. The purchase price is $20,700,000. The Company says it intends to use the property to consolidate operational teams and address long-term operational needs; the Company's headquarters will remain in Hills, Iowa. The transaction is subject to standard real estate conditions, including any required regulatory approvals, and closing is scheduled for the first quarter of 2027.

Key Details

• Purchase price: $20,700,000.
• Property size/location: ~19.2 acres (portion of land commonly known as 200 and 500 ACT Drive, Iowa City).
• Agreement date and parties: Agreement dated May 11, 2026 between Hills Bank and JNB Campus, LLC (seller).
• Conditions/timing: Closing expected Q1 2027, subject to due diligence and required regulatory approvals; no other material relationship with the seller was disclosed.

Why It Matters
This is a material real estate acquisition intended to consolidate Hills Bank’s operational teams into a single location, representing a $20.7M capital commitment and a strategic operational move. Investors should note the timing depends on customary closing conditions and regulatory approval, which could delay or alter the transaction. The full purchase agreement is filed as an exhibit to the 8‑K for those who want the detailed terms.