HomeTrust Bancshares has agreed to sell its two Knoxville, Tennessee branches to Apex Bank for an undisclosed sum as the North Carolina bank shrinks its footprint.
The deal, which is subject to regulatory approval, is expected to close sometime in the second quarter, according to a press release from the companies. The sale includes the two physical branches and related fixed assets, as well as "substantially all" of the $42 million of deposits tethered to those branches.
"This transaction aligns with our strategic plan to tighten our geographic footprint, improve our branch efficiencies, and allocate our capital to support our long-term growth in other core markets," HomeTrust President and Chief Executive Officer Hunter Westbrook said in the Tuesday release.
A representative for HomeTrust was not immediately available for comment Tuesday morning.
Asheville-based HomeTrust Bank, with $4.7 billion of assets, reported earnings growth in the fourth quarter, posting net income of $54.8 million, up from $50 million a year ago. HomeTrust closed a merger deal with Atlanta-based, $660 million-asset Quantum Bank in 2023. HomeTrust was
Knoxville, Tennessee-based Apex Bank, with $1.2 billion of assets, was named the No. 2 top-performing community bank in 2023 by the Independent Community Bankers of America. The bank in 2019 held a
Apex President and CEO Matt Daniels said in the release that the deal would help the bank expand its footprint in Knoxville and better serve its customers. According to the bank's website, Apex had one location in South Knoxville prior to the deal.
"We will continue to look for opportunities to expand our presence in the area and remain committed to providing personalized financial solutions that help individuals and businesses thrive," Daniels said on Tuesday.
A representative for Apex Bank was not immediately available for further comment.
