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June 2, 2014
08:19 EDTJFBI, HTBIHomeTrust, 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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