HomeTrust Bancshares (HTBI), the holding company for HomeTrust Bank, signed an agreement under which HomeTrust Bank will purchase the branch banking operations of ten locations in Virginia and North Carolina from Bank of America (BAC).

This acquisition will add approximately $504 million of deposits at a deposit premium of 2.86%.

In addition, six of the branches are located in Roanoke Valley, two in Danville, one in Martinsville, Virginia, and one in Eden, North Carolina.

The purchase is expected to close in the fourth quarter of this year after approval by regulators.

"We are excited about this opportunity to enhance our branch network and expand the HomeTrust franchise in Virginia," said Dana Stonestreet, chairman, president and CEO. "Expansion in Virginia supports our growth strategy to capitalize on opportunities that leverage our capital, create scale and increase operating efficiencies over a wider market footprint.”