HomeTrust Bancshares signed an agreement to acquire Blue Ridge Bankshares in an all-stock transaction valued at approximately $448.1 million.
The acquisition expands HomeTrust’s footprint into Virginia. After the transaction is finalized, HomeTrust, based in Asheville, N.C., will have over $7 billion in assets and over 60 locations across the Southeast. The combined company will be one of only three $5-10 billion major-exchange traded banks in the region.
“We are thrilled about the proposed combination with Blue Ridge and welcoming their team and customers to HomeTrust. This represents a compelling opportunity to further expand our presence in the attractive Virginia market and accelerate our growth strategy,” C. Hunter Westbrook, president and CEO of HomeTrust, said. “Blue Ridge brings a strong deposit franchise, a growing commercial loan portfolio, and deep local relationships that complement our existing footprint and capabilities. With our award-winning culture, combined size and capital strength, we are creating a more profitable, resilient, and relevant regional commercial bank, with top quartile earnings and continued recognition as an employer of choice.”
Once the transaction closes, HomeTrust stockholders are expected to own approximately 65 percent of the combined company while Blue Ridge shareholders are expected to own approximately 35 percent. Two Blue Ridge directors will join the board of directors of HomeTrust and HomeTrust Bank.
“Blue Ridge has successfully completed a clean-up of legacy challenges and repositioned itself for profitability and growth. HomeTrust’s own transformation from a legacy thrift into a high-performing commercial bank provides a proven roadmap, product suite and talent base to accelerate Blue Ridge’s next chapter of success. I am excited for our customers to become part of the HomeTrust organization, which is dedicated to being a great regional community bank, and for our associates to belong to the strategy of being a ‘best place to work,” Harry Golliday, interim president and CEO of Blue Ridge, said.
The boards of HomeTrust and Blue Ridge unanimously approved the transaction. It remains subject to regulatory approvals, HomeTrust and Blue Ridge stockholder approvals, and other customary closing conditions. The transaction is expected to close early in the first quarter of 2027.