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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.
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