HomeTrust Bancshares

HomeTrust Bancshares Inc.

Company type	Public
Industry	Banking
Founded	1926
Headquarters	Asheville , United States
Area served	North Carolina, South Carolina, Georgia, Tennessee
Products	Banking services

HomeTrust Bancshares Inc. is a bank holding company headquartered in Asheville, North Carolina. It manages assets totaling $4.3 billion and operates 33 branch locations throughout North Carolina, South Carolina, Georgia, and Tennessee. The corporation oversees seven community banks: HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank, and Rutherford County Bank.

History

The institution originated in 1926 as Clyde Building and Loan in Clyde, North Carolina, later adopting the name Clyde Savings Bank. In 1965, Ed Broadwell became North Carolina’s youngest bank president while the bank held $10 million in assets and employed five staff members. The company relocated its headquarters to Asheville in 1973 and expanded its footprint into Buncombe and Henderson counties. The rebranding to HomeTrust Bank occurred in 2003, and by 2010 it maintained multiple branches across Haywood, Buncombe, and Henderson counties. Broadwell concluded his 48-year tenure with retirement in 2013.

Tryon Federal Bank, founded in 1935, served Polk County while Shelby Savings Bank, established in 1905, operated within Cleveland County. Rutherford County Bank opened its initial branch in Forest City in 2007, joining the HomeTrust Banking Partnership.

Home Savings Bank of Rockingham County began operations in 1909 and had three branches by its centennial year of 2009. Industrial Federal Bank, established in 1929 with three locations in Davidson County, joined the partnership in 2010. This merger expanded the network to 19 branches and $1.6 billion in assets, positioning it as the largest mutual bank in North Carolina and the second largest throughout the Southeast region. Cherryville Federal Savings and Loan also became part of the partnership later that same year.

In January 2012, HomeTrust Bancshares was created when the partnership transitioned from mutual ownership to a stock company. At that point, the combined institution ranked as North Carolina’s 11th largest bank with 20 branches and $1.6 billion under management.

HomeTrust’s expansion approach emphasizes strategic acquisitions beyond North Carolina:

• In 2013, it acquired Greenville-based BankGreenville Financial Corp. for $7.8 million.
• January 2014 saw the purchase of Jefferson Bancshares Inc., an eastern Tennessee bank with over $498 million in assets and 12 offices, for $51.2 million.
• In June 2014, ten southwestern Virginia branches from Bank of America holding $504 million in deposits were acquired.
• The acquisition of Kingsport’s TriSummit Bank for $31.8 million took place in 2016.
• Announced in July 2022 and finalized by February 2023 was the acquisition of Quantum Capital Corp., including Quantum National Bank’s three Atlanta-area branches with $600 million in assets for $67.6 million.

These transactions demonstrate HomeTrust’s commitment to broadening its regional presence throughout the Southeast via calculated growth initiatives.