HomeTrust Bank Announces Promotions

Charles Abbitt has been named Chief Risk Officer for HomeTrust Bank. Abbitt joined HomeTrust Bank in 2008 as Chief Credit Officer. He has over 35 years of banking credit/risk experience, including several years' senior officer service with the Federal Home Loan Bank of Atlanta. Abbitt earned a BS degree from Virginia Polytechnic Institute & State…

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HomeTrust Bank Announces Plan of Conversion

HomeTrust Bank today announced the adoption of a Plan of Conversion whereby HomeTrust Bank will convert from a mutual to stock bank. The Board of Directors will form a holding company, HomeTrust Bancshares, Inc., to offer for sale shares of common stock to depositors and certain borrowers of HomeTrust Bank and its partner banks and others in a subscription and community offering.

HomeTrust Bank's Chairman and CEO Ed Broadwell said that after diligent study and consideration the Board concluded that raising capital and increasing operating flexibility was a prudent and advisable step. It will place the unique banking partnership in a strong position for the future and makes good business sense.

"The stock offering will allow us to support future internal growth through increased lending and deposits. It will also provide us with additional financial resources and operating flexibility to add new community bank partners in Western North Carolina and the North Carolina Piedmont," Broadwell said. "We have had the privilege of building our unique banking partnership culture for 100 years where we have focused on building long-term relationships with our employees, our customers and our communities," commented Dana Stonestreet, President.

"This is part of our culture and a way of doing business that we will continue as a stock institution. Now more than ever customers want a local bank with people that know your name and truly care about serving your financial needs."

While the stock will be offered to the communities of all the partner banks, members will have a priority right to purchase the stock, including a first priority right for customers having deposits with the bank on November 30, 2010. It is anticipated that the conversion will be completed in the second quarter of 2012.

HomeTrust Bank operates as the HomeTrust Banking Partnership of hometown community banks doing business as HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank. By combining their resources partner banks have expanded their ability to preserve hometown banking traditions with improved products and services, more convenient locations, and greater support for their local communities. The banking partnership has a history of serving families and businesses in North Carolina since the early 1900's. Together, the partner banks represent the 11th largest bank headquartered in North Carolina.

Contact: Dana Stonestreet, President & COO, HomeTrust Bank [email protected], 828-350-3045
Ed Broadwell, Chairman & CEO, HomeTrust Bank [email protected], 828-350-3044
Stacie Hicks, Director of Marketing & Public Relations [email protected], 828-350-4145

This press release contains certain forward-looking statements about the transaction. Forward-looking statements include statements regarding the market for the stock and anticipated future results and can be identified by the fact that they do not relate strictly to historical or current facts. Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the conversion, difficulties in selling the common stock or in selling the common stock within the expected time frame, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the businesses of HomeTrust Bank.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The offering will be made only by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and in compliance with all applicable state securities laws. The shares of common stock to be issued in the conversion are not deposits or accounts and will not be insured by the Federal Deposit Insurance Corporation or any other government agency.

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