Monday, February 1, 2010

The HomeTrust Banking Partnership Finalizes Combination With Industrial Federal Savings Bank Combined Partnership Effective January 31, 2010

The HomeTrust Banking Partnership announced today that their partnership with Industrial Federal Savings Bank has been finalized and the combined partnership became effective as of 11:59 p.m., January 31, 2010. Industrial Federal is the sixth mutual bank to come together in this partnership; other banks include Shelby Savings Bank, Tryon Federal Bank, Home Savings Bank of Rockingham County, Rutherford County Bank, and HomeTrust Bank of Asheville.

Industrial Federal Savings Bank’s name, all its employees, directors, and officers remain unchanged. 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.

Industrial Federal will be able to provide customers additional products and services available across other partner banks by June 1, 2010; after the bank’s systems have been combined with the HomeTrust Bank Partnership systems and operations.

Ed Broadwell, Chairman and CEO of HomeTrust Bank commented, “We are honored to welcome the employees and customers of Industrial Federal to the Partnership. As we’ve worked together to bring this partnership into reality, we have discovered that our people and organizations share a great passion for serving our communities. We are looking forward to helping Industrial Federal become the hometown bank of choice by supporting new and innovative banking services to their customers in Davidson County.”

Dana Stonestreet, President and COO of HomeTrust Bank noted, “The strong capital of Industrial Federal will further strengthen HomeTrust Partnership’s capital position. With over $170 million of core capital, HomeTrust will have over 200% of the capital regulators require to be well capitalized which further strengthens our ability to serve the financial needs of our customers. Industrial Federal is a great fit with the partnership and will enable us to continue to grow market share while maintaining our community banking focus.”

Sidney Biesecker, President of Industrial Federal commented, “We are enthusiastic about joining other partner banks that share our community banking philosophy. Over the next few months our employees will be making the preparations necessary to be able to offer our customers a variety of new products and services such as online banking and bill pay. For 80 years, we have been dedicated to preserving hometown banking and plan to be the full-service hometown bank of choice for Davidson County for many years to come.”

About The HomeTrust Banking Partnership
HomeTrust Bank is an FDIC-insured, mutually owned bank with an 83-year history of serving families and businesses in Western North Carolina. HomeTrust Bank ( ) along with Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank and Rutherford County Bank, comprise the HomeTrust Banking Partnership. HomeTrust Banking Partnership has assets of over $1.6 billion and is the largest mutual bank headquartered in North Carolina and the 2nd largest in the Southeast.

With the addition of Industrial Federal Savings Bank, the HomeTrust Banking Partnership will have 19 offices: Industrial Federal Savings 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 exceed $1.6 billion, making it the 13th largest banking organization headquartered in North Carolina.

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