HomeTrust to Acquire Blue Ridge in $448M Stock Deal
HomeTrust Bancshares has agreed to acquire Blue Ridge Bankshares in an approximately $448.1 million all-stock transaction, expanding HomeTrust into several Virginia markets and creating a larger Southeast commercial bank.
Blue Ridge shareholders will receive 0.086 HomeTrust shares for each share they own. Based on HomeTrust’s five-day volume-weighted average price of $49.82 as of Aug. 14, the consideration equals approximately $4.28 per Blue Ridge share.
The combined company will have more than $7 billion in assets, approximately $5.5 billion in loans and deposits, and over 60 locations. HomeTrust currently operates across North Carolina, South Carolina, Tennessee, Georgia and southwestern Virginia. Blue Ridge adds operations in Richmond, Charlottesville and Hampton Roads.
“Blue Ridge brings a strong deposit franchise, a growing commercial loan portfolio and deep local relationships,” HomeTrust CEO C. Hunter Westbrook said.
Blue Ridge had approximately $2.3 billion in assets as of June 30. The bank recently completed a turnaround that included a $160 million capital raise in 2024 and its release from a regulatory consent order.
HomeTrust expects the acquisition to increase earnings per share by approximately 30% once projected cost savings are fully realized in 2028. The company estimates 8.3% tangible book-value dilution at closing, with an earn-back period of approximately 3.25 years.
HomeTrust shareholders will own about 65% of the combined company, while Blue Ridge investors will hold 35%. Two Blue Ridge directors will join the HomeTrust and HomeTrust Bank boards.
The transaction is expected to close early in the first quarter of 2027.
