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June 30, 2014
16:14 EDTHTBIHomeTrust, Bank of Commerce announces shareholder, regulatory approval of merger
HomeTrust Bancshares, the parent company of HomeTrust Bank, and Bank of Commerce jointly announced that Bank of Commerce's shareholders have overwhelmingly approved the previously announced share exchange. In addition, all regulatory approvals required for the share exchange and the subsequent merger of Bank of Commerce with and into the Bank have been received. Under the terms of the definitive agreement, Bank of Commerce shareholders will receive $6.25 per share in cash consideration, representing approximately $10.1M of aggregate deal consideration. In addition, all $3.2M of Bank of Commerce's preferred stock will be redeemed. The share exchange, redemption of the preferred stock and merger are each expected to close on July 31, subject to the satisfaction of customary closing conditions. Upon the completion of the merger, HomeTrust will have approximately $2.2B in assets.
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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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