HomeTrust Bancshares, Inc. (NasdaqGS:HTBI) entered into a definitive agreement to acquire Trisummit Bancorp, Inc. for $30.3 million on September 20, 2016. Under the terms of agreement, TriSummit shareholders will receive $4.40 in cash plus HomeTrust common stock for common stock and preferred stock. The exchange ratio will be fixed at 0.2310 if the weighted average closing price is equal to or less than $19.05 per share and at 0.2099 if the weighted average closing price is equal to or greater than $20.96 per share. HomeTrust and TriSummit will each pay a termination fee of $1.5 million. Post closing, HomeTrust will become the surviving corporation in the transaction. As of September 30, 2016, Trisummit reported assets of $350.9 million and shareholders equity of $34 million. R. Lynn Shipley, President and Chief Executive Officer of TriSummit Bancorp, Inc. will become President of HomeTrust Tennessee. R. Lynn Shipley will also become Vice Chairman of Tri-cities Community Board. All Trisummit Directors are invited to join Board of Directors of Tri-cities Community Board. The acquisition is subject to TriSummit shareholder approval, third party consents, dissenting shares shall be less than 7.5% of the issued and outstanding TriSummit common stock and TriSummit Series A Preferred stock, listing of all shares of HomeTrust common stock to be delivered as consideration on NASDAQ, Form S-4 shall have become effective under the Securities Act, resignation of Directors of TriSummit, execution of non-competition, non-solicitation and confidentiality agreements and customary closing conditions, including regulatory approvals. The merger agreement has been unanimously approved by the Boards of Directors of HomeTrust Bancshares and Trisummit Bancorp. Deal has received all regulatory approvals required for the completion. The transaction is anticipated to close in the first calendar quarter of 2017. The transaction is expected to be 30% EPS accretive. As of November 28, 2016, Federal Reserve Bank of Richmond and the North Carolina Office of the Commissioner of Banks have approved the transaction. As of December 13, 2016, deal was approved by shareholders of HomeTrust Bancshares. Harold Hanley, Matt Polanin and Grant Gaughrin of Keefe, Bruyette, & Woods, Inc. acted as a financial advisor and Barry Taff of Silver, Freedman, Taff & Tiernan LLP acted as a legal advisor to HomeTrust Bancshares. Banks Street Partners, LLC and BSP Securities, LLC acted as a financial advisor and Adam G. Smith of Butler Snow LLP acted as a legal advisor to Trisummit. HomeTrust Bancshares, Inc. (NasdaqGS:HTBI) completed the acquisition of Trisummit Bancorp, Inc. on January 1, 2017.