ASHEVILLE, N.C., March 16, 2017 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (NASDAQ:HTBI), the holding company for HomeTrust Bank, announced today the completion of the system conversion related to its recent acquisition of TriSummit Bancorp, Inc. and its wholly-owned subsidiary, TriSummit Bank. On Monday, March 13, 2017, all TriSummit Bank branches opened for business as HomeTrust Bank branches.
"I am extremely proud of the hard work of our combined teams uniting two separate banking operations and systems into one,” said Dana L. Stonestreet, Chairman, President, and CEO of HomeTrust. “We have truly enjoyed working with the TriSummit team while integrating our banks together to do more for our customers, employees, and stockholders and to capitalize on our combined strengths to grow our business in the Tri-Cities and eastern Tennessee.
"This in-market merger has increased our assets to approximately $3.1 billion and enables us to increase loan production and offer additional products to new and existing customers, while significantly reducing expenses. The completion of this acquisition only adds to the momentum we are already achieving across our expanded regional franchise through recently hired seasoned commercial lenders. In the first eight months of our current fiscal year, we have seen overall organic loan growth increase $147.2 million, or 13.1% annualized. With increases in loan growth and estimated cost savings of 48%, we fully expect earnings accretion, net of any merger related expenses, to be above 30% beginning in the fourth quarter of fiscal 2017."
As previously announced, HomeTrust completed the acquisition of TriSummit on January 1, 2017, when both TriSummit and TriSummit Bank merged into HomeTrust and HomeTrust Bank, respectively.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank (the “Bank”). As of December 31, 2016, HomeTrust had assets of $2.8 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking through 41 locations as well as online/mobile channels. Locations include: North Carolina (including the Asheville metropolitan area, the "Piedmont" region, Charlotte, and a loan production office in Raleigh), Upstate South Carolina (Greenville), East Tennessee (including Kingsport/Johnson City, Knoxville, and Morristown) and Southwest Virginia (including the Roanoke Valley). The Bank is the 6th largest community bank headquartered in North Carolina.