HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets
completed its previously announced merger with TriSummit Bancorp,
Inc., (TriSummit)> to an Agreement and Plan of Merger, dated
as of September 20, 2016, under which TriSummit merged with and
into HomeTrust (the Merger) with HomeTrust as the surviving
corporation in the Merger.>Immediately following the Merger,
TriSummit’s wholly owned subsidiary bank, TriSummit Bank, merged
with and into HomeTrusts wholly owned subsidiary bank, HomeTrust
Bank (HomeTrust Bank).
TriSummit and each share of Series A Preferred Stock of TriSummit
issued and outstanding immediately prior to the Merger (on an as
converted basis to a share of TriSummit common stock) was converted
into the right to receive $4.40 in cash and .2099 shares of
HomeTrust common stock, with cash paid in lieu of fractional share
were cancelled. The remaining options were assumed by HomeTrust and
converted into the right to receive an option to purchase shares of
HomeTrust Common Stock with adjustments to the number of shares
underlying the option as outlined in the Merger Agreement. The
total number of options converted was 205,300 (taking into account
the cancellation of the options referred to above).
D TARP preferred stock (all held by private shareholders) was
redeemed in connection with the closing of the merger.
approximates $35.9 million. The total number of HomeTrust shares
issued was approximately 767,000 shares. HomeTrust paid aggregate
cash consideration of approximately $16.1 million. HomeTrust common
stock shares outstanding immediately prior to the Merger on January
1, 2017 was 18,000,750.
to be complete and is qualified in its entirety by reference to the
Merger Agreement, which was included as Exhibit 2.1 to the Current
Report on Form 8-K filed by HomeTrust with the Securities and
Exchange Commission on September 21, 2016, which is incorporated
herein by reference.
(“HomeTrust”) issued a press release announcing the completion of
the Merger. A copy of the press release is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
Agreement and Plan of Merger between HomeTrust and
TriSummit, dated September 20, 2016 (incorporated by
reference to Exhibit 2.1 of HomeTrusts Current Report on
Form 8-K filed with the Securities and Exchange
Commission on September 21, 2016).
Press release, dated January 3, 2017
About HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI)
HomeTrust Bancshares, Inc. is a bank holding company of HomeTrust Bank (the Bank). The Bank’s principal business consists of attracting deposits from the public and investing those funds, along with borrowed funds, in loans secured primarily by first and second mortgages on one- to four-family residences, including home equity loans, construction and land/lot loans, commercial real estate loans, construction and development loans, commercial and industrial loans, indirect automobile, and municipal leases. Municipal leases are secured primarily by a ground lease for a firehouse or an equipment lease for fire trucks and firefighting equipment to fire departments located throughout North and South Carolina. The Company purchases investment securities consisting primarily of securities issued by the United States Government agencies and government-sponsored enterprises, as well as certificates of deposit insured by the Federal Deposit Insurance Corporation (FDIC). HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI) Recent Trading Information
HOMETRUST BANCSHARES, INC. (NASDAQ:HTBI) closed its last trading session down -0.10 at 25.95 with 50,609 shares trading hands.