Following completion of the transaction and subsequent merger, the integrated enterprise will have nearly $1.7bn in assets.
HomeTrust president and chief operating officer Dana Stonestreet said that the deal will enable the bank to expand its franchise into the upstate South Carolina market, while leveraging the expertise and infrastructure of the acquired bank.
Approved already by the boards of directors of both companies, the transaction is yet to receive regulatory and BankGreenville shareholder approvals, as well as satisfying customary closing conditions. It is likely to conclude during the third quarter of 2013.
BankGreenville shareholders will receive $6.60 per share in cash consideration, while extra contingent cash consideration of up to $0.78 per share may be realized after the expiry of 24 months following the closing of this transaction.
Keefe, Bruyette and Woods, Silver, Freedman & Taff advised HomeTrust Bancshares over the deal, whereas BankGreenville was advised by Banks Street Partners, and Nelson Mullins Riley & Scarborough.
Operating as a full service banking facility out of its headquarters in Greenville, South Carolina, BankGreenville was founded in 2006 and has more than $110m in assets.
Community-oriented financial institution HomeTrust Bank manages its banking divisions including HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank.
As of 31 March 2013, the company had $1.60bn in assets and total tangible capital of $372.1m or 23.3% of total assets and manages 20 full service offices in Western North Carolina.
