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Stock Market & Financial Investment News

News Breaks
June 2, 2014
08:19 EDTHTBI, JFBIHomeTrust, Jefferson Bancshares complete merger
HomeTrust Bancshares, the holding company for HomeTrust Bank (HTBI), announced the completion of its acquisition of Jefferson Bancshares (JFBI) of Morristown, Tennessee, effective May 31. In connection with the acquisition, Jefferson Federal Bank, the bank subsidiary of Jefferson, was merged into HomeTrust Bank. The bank merger results in a community bank with total assets of approximately $2.1B and an expanded banking presence for HomeTrust in the Kingsport/Johnson City, Knoxville, and Morristown, Tennessee markets. HomeTrust will continue to operate Jefferson's twelve offices under the Jefferson Federal Bank name until a system conversion is completed in August. The company said, "The Jefferson combination represents HomeTrust's second acquisition in 23 months, with a third acquisition scheduled for completion during the third calendar quarter of 2014. Once the three acquisitions are completed, since converting to stock in July 2012, we will have achieved a $750M, or 50% growth in assets and a 75% increase in banking offices, from 20 to 35 full service offices located in North Carolina, Eastern Tennessee and Greenville, South Carolina."
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August 25, 2014
08:20 EDTHTBIHomeTrust announces conversion to national bank charter
HomeTrust Bancshares announced that the bank has converted from a federal savings bank charter to a national bank charter and the company is now a bank holding company. The Bank also announced the completion of its systems conversion and re-branding of Jefferson Federal Bank and State of Franklin Bank in East Tennessee. On May 31, the company acquired Jefferson Bancshares, the holding company for Jefferson Federal Bank headquartered in Morristown, TN including its banking division State of Franklin Bank, acquiring approximately $494M in assets, $329M in loans, and $377M in deposits along with twelve branch office locations across East Tennessee. In addition, on August 13, the bank received approval from the Office of the Comptroller of the Currency to purchase the branch banking operations of ten locations in Virginia and North Carolina from Bank of America Corporation. Six of the branches are located in Roanoke Valley, two in Danville, one in Martinsville, Virginia, and one in Eden, North Carolina. The acquisition will add approximately $504M of deposits. In addition to the branches, the bank will acquire a small amount of loans as part of the transaction. The Bank expects the purchase to be effective Monday, November 17, following satisfaction of customary closing conditions.
August 19, 2014
12:54 EDTHTBIHomeTrust Bank reaches settlement in trademark dispute with HomeTown Bank
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