Regulatory approval is expected in September and the Partnership is expected to be completed by September 30, 2010.
The HomeTrust Banking Partnership is a unique strategic alternative for mutual savings banks, where each partner maintains their identity while benefiting from the combined strength of all the partners. Cherryville Federal’s name, all its employees, directors, and officers will remain unchanged. President and CEO Stan Allen will also serve on the HomeTrust Banking Partnership Board of Directors.
“We are pleased to have Cherryville Federal join our partnership,” said Ed Broadwell, Chairman and CEO of HomeTrust Bank. “By combining our financial strengths, long term stability, and focus on personal, friendly customer service, we will continue to support full service hometown banking for generations to come.”
Dana Stonestreet, President and COO of HomeTrust Bank noted, “The HomeTrust Banking Partnership is truly a unique alternative for hometown community banking that leverages the individual strengths of each partner bank to provide a full range of financial services combined with local market knowledge and hometown service.”
Stonestreet continued, “During these economically challenging times, all of our hometown partnership banks are seeing significant increases in new customers and new deposits. We believe it’s because customers are placing more value on long term relationships and caring customer service, provided by our financially strong hometown banks. Over the past year we made over $350 million of new loans and deposits grew over $260 million. This demonstrates that we are continuing to meet the needs of our customers and our communities.”
By joining the HomeTrust Banking Partnership, Cherryville Federal will be able to offer customers many new products and services such as a full line of banking services for businesses, investment and retirement planning services, advanced technology, and an infrastructure that enhances their financial capabilities. In addition, the Cherryville market will continue to benefit from continued financial support.
Stonestreet explained that the HomeTrust Banking Partnership is all about each partners’ ability to better respond to all of the changes in financial services while better preserving the hometown values and culture we never want to change.
“With today’s constantly changing technology and regulatory environment, our partnership with HomeTrust will further leverage our current market position and strengthens future growth in the Cherryville community. Our customers can expect the same exceptional personal service with added services to better meet their needs.” said Cherryville Federal’s President and CEO Stan Allen.
About HomeTrust Bank:
HomeTrust Bank is an FDIC-insured, mutually owned bank with an 84-year history of serving families and businesses in Western North Carolina. HomeTrust Bank (www.hometrustbanking.com ) along with Industrial Federal Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank and Rutherford County Bank, comprise the HomeTrust Banking Partnership.
With the addition of Cherryville Federal, the HomeTrust Banking Partnership will have 20 offices: Cherryville Federal Savings and Loan Association in Gaston County (1), Industrial Federal Savings Bank in Davidson County (3); HomeTrust Bank in Haywood County (2), Buncombe County (5), and Henderson County (1), Home Savings Bank in Rockingham County (3), Shelby Savings Bank in Cleveland County (2), Tryon Federal Bank in Polk County (2), and Rutherford County Bank (1). The Partnership’s combined assets will exceed $1.7 billion, making it the 12th largest bank headquartered in North Carolina.
