Cherryville Federal is the seventh mutual bank to come together in this partnership; other banks include Shelby Savings Bank, Tryon Federal Bank, Industrial Federal Bank of Davidson County, Home Savings Bank of Rockingham County, Rutherford County Bank, and HomeTrust Bank of Asheville.
Cherryville Federal will continue to serve their customers and community with the same employees, officers and directors. In addition, President and CEO Stan Allen will also serve on the HomeTrust Banking Partnership Board of Directors. 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.
Dana Stonestreet, President and COO of HomeTrust Bank noted, “Cherryville Federal is a great hometown bank with a true legacy of service, strength and community commitment. We welcome them to the HomeTrust Banking Partnership and look forward to the continued growth and success of all the hometown banks in this unique Partnership.”
Stonestreet continued, “The strength of the partnership enables us to support all of our markets and continue to deliver personal, long-term relationship driven service by local bankers. We can provide a better banking experience for the individuals, businesses and communities we serve – not just today, but into the future. Our current customers truly believe it’s just better at a HomeTrust Banking Partnership bank.”
Stan Allen, President of Cherryville Federal commented,” We are excited about moving forward with our partnership. Our customers will benefit from the additional services and capabilities we’ll soon be able to provide for the Cherryville community and our employees will continue to provide the exceptional, personal service we are known for.”
The operations and technology conversion for Cherryville Federal is scheduled to be completed in February, 2011 so that they will be able to offer the expanded products and services currently offered through the other HomeTrust Banking Partnership banks.
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 along with Tryon Federal Bank, Shelby Savings Bank, Industrial Federal 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 Bank in Gaston County (1); Industrial Federal 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 be $1.8 billion, making it the 12th largest bank headquartered in North Carolina with over $180 million in capital.
