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Sellers will say rising rates makes them more valuable. Buyers will say the same trend makes sellers less valuable. Add this impasse to the list of complications for bank M&A.
August 13 -
HomeTrust Bancshares in Asheville, N.C., has agreed to buy BankGreenville Financial in South Carolina.
May 6 -
HomeTrust Bancshares (HTBI) in Asheville, N.C., announced that its chief executive is stepping down after nearly 50 years at the helm.
March 28 -
HomeTrust Bancshares in Asheville, N.C., has adopted a so-called "tax preservation plan," which is designed to protect a company's deferred tax assets during a lengthy period of operating losses.
September 26
The boards of directors of HomeTrust Bancshares (HTBI) and Bank of Commerce have reached a definitive agreement to form a strategic partnership for an undisclosed price.
The transaction announced on Tuesday is expected to close in the third quarter, subject to customary closing conditions, including regulatory approvals and Bank of Commerce shareholder approval.
Bank of Commerce (BONC.OB) is a state chartered $129 million-asset institution based in Charlotte, N.C. that focuses on independently owned businesses, their owners and employees.
The merger aims to create an institution with approximately $2.2 billion in assets. It would follow HomeTrust
"Expansion into the Charlotte market complements our footprint and better positions our current locations in Cleveland and Davidson Counties for additional growth," Dana Stonestreet, chairman, president and chief executive officer of Asheville, N.C.-based HomeTrust said in a press release. "We are well-positioned to forge additional community bank strategic partnerships both across the Carolinas and Tennessee."
Wesley Sturges, president and chief executive officer of Bank of Commerce, said in a press release that the current customer service and lending staff will remain in place. The bank anticipates adding new employees as part of this merger, he added.
HomeTrust Bank was advised in the transaction by Sandler O'Neill Partners and Silver, Freedman, Taff & Tiernan as legal counsel. Raymond James Financial advised Bank of Commerce and Brooks, Pierce, McLendon, Humphrey & Leonard, served as legal counsel.
