HomeTrust Bank has agreed to acquire Bank of America’s (BofA’s) ten bank branches in Virginia and North Carolina to boost its retail banking footprint in the region.
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 provide nearly $504m worth of deposits at a deposit premium of 2.86%. As part of the transaction, the bank will also acquire a small amount of loans from BofA.
Pending receipt of regulatory approvals and satisfying customary closing conditions, the transaction is expected to complete during the fourth quarter of 2014.
HomeTrust Bank chairman, president and CEO Dana Stonestreet said, "We are excited about this opportunity to enhance our branch network and expand the HomeTrust franchise in Virginia."
"Expansion in Virginia supports our growth strategy to capitalize on opportunities that leverage our capital, create scale and increase operating efficiencies over a wider market footprint."
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Since July 2012, HomeTrust has announced four acquisitions, which helped the bank to grow its franchise from 20 to 43 banking offices, and expanded its geographic footprint into South Carolina, Tennessee and Virginia.