HomeTrust Announces the Sale of Knoxville Branches to Apex Bank
HomeTrust Bancshares (NASDAQ: HTBI) has announced a definitive agreement to sell its two Knoxville, Tennessee branches to Apex Bank. The transaction includes the physical locations, fixed assets, and approximately $42 million in customer deposit accounts, while HomeTrust will retain the associated loan accounts.
The strategic move aims to tighten HomeTrust's geographic footprint, enhance branch efficiencies, and reallocate capital to support long-term growth in other core markets. For Apex Bank, this acquisition represents an expansion of their local presence in Knoxville.
The transaction is expected to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions. Piper Sandler & Co. served as HomeTrust's financial advisor, with Silver, Freedman Taff & Tiernan LLP providing legal counsel, while Baker Donelson represented Apex.
HomeTrust Bancshares (NASDAQ: HTBI) ha annunciato un accordo definitivo per vendere le sue due filiali a Knoxville, Tennessee, a Apex Bank. La transazione include le sedi fisiche, beni fissi e circa 42 milioni di dollari in conti deposito dei clienti, mentre HomeTrust manterrà i conti di prestito associati.
Questa mossa strategica mira a ridurre l'impronta geografica di HomeTrust, migliorare le efficienze delle filiali e riallocare capitale per supportare la crescita a lungo termine in altri mercati core. Per Apex Bank, questa acquisizione rappresenta un'espansione della loro presenza locale a Knoxville.
Si prevede che la transazione si chiuda nel secondo trimestre del 2025, soggetta ad approvazioni normative e alle consuete condizioni di chiusura. Piper Sandler & Co. ha svolto il ruolo di consulente finanziario per HomeTrust, con Silver, Freedman Taff & Tiernan LLP che ha fornito assistenza legale, mentre Baker Donelson ha rappresentato Apex.
HomeTrust Bancshares (NASDAQ: HTBI) ha anunciado un acuerdo definitivo para vender sus dos sucursales en Knoxville, Tennessee, a Apex Bank. La transacción incluye las ubicaciones físicas, activos fijos y aproximadamente 42 millones de dólares en cuentas de depósitos de clientes, mientras que HomeTrust retendrá las cuentas de préstamos asociadas.
Este movimiento estratégico tiene como objetivo ajustar la huella geográfica de HomeTrust, mejorar la eficiencia de las sucursales y reasignar capital para apoyar el crecimiento a largo plazo en otros mercados clave. Para Apex Bank, esta adquisición representa una expansión de su presencia local en Knoxville.
Se espera que la transacción se cierre en el segundo trimestre de 2025, sujeto a aprobaciones regulatorias y condiciones de cierre habituales. Piper Sandler & Co. actuó como asesor financiero de HomeTrust, mientras que Silver, Freedman Taff & Tiernan LLP proporcionó asesoría legal, y Baker Donelson representó a Apex.
HomeTrust Bancshares (NASDAQ: HTBI)가 Apex Bank에 테네시주 녹스빌에 있는 두 개의 지점을 판매하기로 최종 합의했다고 발표했습니다. 이 거래에는 물리적인 위치, 고정 자산과 약 4200만 달러의 고객 예금 계좌가 포함되며, HomeTrust는 관련 대출 계좌를 유지합니다.
이 전략적 움직임은 HomeTrust의 지리적 발자국을 조정하고, 지점의 효율성을 높이며, 기타 주요 시장에서 장기 성장을 지원하기 위해 자본을 재배치하는 것을 목표로 합니다. Apex Bank에게 이 인수는 녹스빌에서의 지역적 존재를 확장하는 것을 의미합니다.
이 거래는 2025년 2분기에 마감될 것으로 예상되며, 규제 승인 및 관례적인 마감 조건이 필요합니다. Piper Sandler & Co.는 HomeTrust의 재정 자문 역할을 하였으며, Silver, Freedman Taff & Tiernan LLP가 법률 자문을 제공하였고, Baker Donelson은 Apex를 대변했습니다.
HomeTrust Bancshares (NASDAQ: HTBI) a annoncé un accord définitif pour vendre ses deux agences à Knoxville, Tennessee, à Apex Bank. La transaction inclut les emplacements physiques, les actifs fixes et environ 42 millions de dollars sur des comptes de dépôts clients, tandis que HomeTrust conservera les comptes de prêt associés.
Ce mouvement stratégique vise à resserrer l'empreinte géographique de HomeTrust, à améliorer l'efficacité des agences et à réaffecter du capital pour soutenir la croissance à long terme dans d'autres marchés clés. Pour Apex Bank, cette acquisition représente une expansion de leur présence locale à Knoxville.
La transaction devrait se clore au deuxième trimestre de 2025, sous réserve des approbations réglementaires et des conditions de clôture habituelles. Piper Sandler & Co. a agi en tant que conseiller financier pour HomeTrust, tandis que Silver, Freedman Taff & Tiernan LLP a fourni des conseils juridiques, et Baker Donelson a représenté Apex.
HomeTrust Bancshares (NASDAQ: HTBI) hat eine endgültige Vereinbarung zur Veräußerung seiner beiden Filialen in Knoxville, Tennessee, an Apex Bank bekannt gegeben. Die Transaktion umfasst die physischen Standorte, Sachanlagen und etwa 42 Millionen Dollar an Kundeneinlagen, während HomeTrust die damit verbundenen Kreditkonten behalten wird.
Dieser strategische Schritt zielt darauf ab, die geografische Präsenz von HomeTrust zu straffen, die Effizienz der Filialen zu verbessern und Kapital neu zuzuweisen, um das langfristige Wachstum in anderen Kernmärkten zu unterstützen. Für Apex Bank stellt diese Akquisition eine Erweiterung ihrer lokalen Präsenz in Knoxville dar.
Die Transaktion soll im zweiten Quartal 2025 abgeschlossen werden, vorbehaltlich von Genehmigungen der Aufsichtsbehörden und üblichen Abschlussbedingungen. Piper Sandler & Co. fungierte als Finanzberater von HomeTrust, während Silver, Freedman Taff & Tiernan LLP rechtliche Beratung bot und Baker Donelson Apex vertrat.
- Strategic divestment to improve operational efficiency
- Retention of loan accounts while transferring $42M in deposit liabilities
- Capital reallocation opportunity for core market growth
- Reduction in deposit base by approximately $42 million
- Loss of physical presence in Knoxville market
Insights
The announced branch sale by HomeTrust Bancshares represents a calculated strategic move in the evolving regional banking landscape. The
Several key strategic implications emerge from this transaction:
- By retaining the loan portfolio while divesting the physical locations and deposits, HomeTrust maintains its earning assets while reducing operational overhead and deposit servicing costs
- The geographic consolidation aligns with the industry-wide trend of regional banks optimizing their footprint to enhance operational efficiency and capital allocation
- The transaction structure suggests minimal earnings dilution, as the retained loan portfolio continues to generate interest income while reducing fixed costs associated with branch operations
The regulatory approval process appears straightforward given the transaction's modest size and straightforward nature. The choice of Apex Bank as the acquirer, with its local market presence and community banking focus, should facilitate a smooth transition for customers and increase the likelihood of regulatory approval.
For HomeTrust, this strategic realignment positions the bank to strengthen its presence in core markets while potentially improving its efficiency ratio and return on equity metrics. The retention of loans while transferring deposits also suggests confidence in the credit quality of the Knoxville portfolio and the ability to fund these assets through other sources.
ASHEVILLE, N.C. and CAMDEN, Tenn., Jan. 28, 2025 (GLOBE NEWSWIRE) -- HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“HomeTrust”), and Apex Bank (“Apex”) today announced that HomeTrust and Apex have entered into a definitive purchase and assumption agreement (the “agreement”) under which Apex will acquire HomeTrust’s two branches in Knoxville, Tennessee. Under the terms of the agreement, Apex will acquire the physical locations, related fixed assets, and substantially all the customer deposit accounts which are currently estimated at
“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,” said Hunter Westbrook, HomeTrust’s President and Chief Executive Officer.
Matt Daniels, President and CEO of Apex Bank said, “Being locally owned and operated, we are excited to expand our footprint in Knoxville. This investment will allow us to better serve customers and support the community. 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.”
The proposed transaction, which is subject to customary closing conditions, including approval by applicable regulatory authorities, is currently anticipated to close in the second quarter of 2025.
Piper Sandler & Co. served as HomeTrust’s financial advisor for the transaction, while Silver, Freedman Taff & Tiernan LLP provided legal counsel. Baker Donelson provided legal counsel for Apex.
About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of
About Apex Bank
Apex Bank was founded in 1931 and is headquartered in Knoxville, Tennessee. Apex Bank has experienced tremendous growth since 2008, increasing total assets from
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
FAQ
How many branches is HomeTrust Bancshares (HTBI) selling to Apex Bank?
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When is the HomeTrust-Apex branch sale expected to close?
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What is the strategic rationale for HTBI's sale of Knoxville branches?
