HomeTrust Bancshares to acquire Quantum Capital Corp. for $67.6m

HomeTrust Bancshares, a North Carolina-based bank holding company, has signed a stock and cash deal worth around $67.6 million to acquire Atlanta-based Quantum Capital Corp.

Quantum Capital Corp. is the parent of Quantum National Bank, a $660 million asset bank that has three locations in the Atlanta metro region. Presently, Quantum National Bank operates as an S-Corporation and is focused on lending to small businesses.

HomeTrust Bancshares, on the other hand, is the parent of HomeTrust Bank, which had assets of $3.5 billion as of 31 March 2022.

C. Hunter Westbrook — HomeTrust Bancshares President and Chief Operating Officer said: “We are excited to be partnering with one of the highest performing banks in Georgia and throughout the Southeast.

“Quantum’s strong team of experienced business bankers specializing in the origination of SBA loans aligns perfectly with our strategic initiatives to expand our fee-based businesses and grow our commercial deposit base. The addition of Quantum will catapult our financial performance and accelerate our goal of becoming a top performing bank.

“Further, Atlanta is one of the most dynamic markets in the country, which is perfectly suited for our branch-lite expansion strategy. Simply said, this transaction presents a unique opportunity for HomeTrust to expand our franchise and meaningfully enhance our profitability.”

As per the terms of the deal, HomeTrust Bancshares will pay nearly $33 million of cash and issue 1,374,646 of its shares to the shareholders of Quantum Capital Corp.

Upon closing of the deal, Quantum Capital Corp. will be merged with and into HomeTrust Bancshares and Quantum National Bank will be merged with and into HomeTrust Bank.

Dr. Narasimhulu Neelagaru said: “We are excited to engage in this strategic combination with HomeTrust, a bank that shares our core values and culture. This merger will create meaningful opportunities for our employees to continue driving our exceptional financial performance while preserving our high-touch approach to serving our customers.”

The deal, which is subject to approval by bank regulatory authorities, is likely to close in Q1 2023.