- HomeTrust Bancshares ( NASDAQ: HTBI ) signed a definitive merger agreement wherein Quantum Capital will merge with HomeTrust in a stock and cash transaction valued at ~$67.6M.
- Quantum is the holding company of Quantum National Bank, a high-performing $660M asset bank with three locations in the Atlanta metro area.
- Under agreement terms, HomeTrust will pay ~$33M of cash and issue 1.37M shares of HomeTrust common stock to Quantum shareholders.
- On transaction completion, Quantum will be merged with and into HomeTrust and Quantum National Bank will be merged with and into HomeTrust Bank; Quantum National Bank's branch offices will become branch offices of HomeTrust Bank.
- HomeTrust expects merger to be accretive to EPS by more than 20% post cost savings are fully achieved commencing in FY24.
- It sees dilution to tangible book value per share of ~7.5% at transaction closure with an earn-back period of less than 2.5 years.
- Transaction is expected to close in first calendar quarter of 2023.
For further details see:
HomeTrust Bancshares to merge with Quantum Capital in a $67.6M stock and cash transaction