ASHEVILLE, N.C., Aug. 1, 2013 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (Nasdaq:HTBI) ("HomeTrust"), the holding company for HomeTrust Bank, announced today the completion of its acquisition of BankGreenville Financial Corporation (OTCQB:BGVF), the holding company for BankGreenville, effective July 31, 2013.
"We are excited to expand the HomeTrust Banking Partnership into upstate South Carolina. We look forward to working with Market President Russel Williams and his outstanding board of directors along with his current staff to expand the current customer base of BankGreenville with additional products and services," said Dana Stonestreet, President and Co-CEO of HomeTrust.
Under the terms of the merger agreement, BankGreenville shareholders will receive $6.63 per share in cash consideration. This represents approximately $7.8 million of aggregate deal consideration. Additional contingent cash consideration of up to $0.75 per share (or approximately $883,000) may be realized at the expiration of 24 months based on the performance of a select pool of loans totaling approximately $8.0 million. BankGreenville had total assets of $105.1 million, total deposits of $90.0 million, and stockholders' equity of $9.6 million at June 30, 2013.About HomeTrust Bancshares, Inc. On July 10, 2012, HomeTrust Bancshares, Inc. became the holding company for HomeTrust Bank (the "Bank") in connection with the completion of the Bank's conversion from the mutual to the stock form of organization and HomeTrust's related public stock offering. HomeTrust's common stock began trading on the Nasdaq Global Market on July 11, 2012, under the symbol "HTBI". HomeTrust Bank, including its banking divisions – HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank, is a community-oriented financial institution with $1.58 billion in assets and total tangible capital of $367.5 million or 23.2% of total assets as of June 30, 2013. The Bank offers traditional financial services within its local communities through its 20 full service offices in Western North Carolina, including the Asheville metropolitan area, and the "Piedmont" region of North Carolina. The Bank is the 12th largest bank headquartered in North Carolina.