Asheville, N.C.-based HomeTrust Bancshares is expanding in Virginia by acquiring Blue Ridge Bankshares, Richmond, for nearly $450 million in stock. .Announced Aug. 17, the deal is expected to close early next year. The combined bank will have $7 billion in assets and more than 60 branches across the Southeast. HomeTrust Bancshares is the holding company of HomeTrust Bank. Blue Ridge Bankshares is the holding company of Blue Ridge Bank, National Association. HomeTrust Bank has $4.4 billion in assets and 30 branches in the Carolinas, East Tennessee, Southwest Virginia and Georgia. The $2.3 billion-asset Blue Ridge Bankshares has $1.8 billion in deposits and 27 branches. After the deal closes, HomeTrust stockholders will own 65 percent of the combined company, with Blue Ridge shareholders having 35 percent. "Blue Ridge brings a strong deposit franchise, a growing commercial loan portfolio, and deep local relationships that complement our existing footprint and capabilities,” said HomeTrust President and CEO C. Hunter Westbrook. Piper Sandler & Co., Minneapolis, is financial advisor to HomeTrust, with Silver Freedman, Taff & Tiernan LLP, Washington, D.C., as legal counsel. Little Rock, Ark.-based Stephens Inc. is financial advisor to Blue Ridge, while Williams Mullen, Richmond, is legal counsel.
