TRUST COMPANY OF GEORGIA PLANS ACQUISITION OF HOMETRUST BANK BASED IN GAINESVILLE, GA.
TRUST COMPANY OF GEORGIA PLANS ACQUISITION OF HOMETRUST BANK BASED IN GAINESVILLE, GA. ATLANTA, July 31 /PRNewswire/ -- Trust Company of Georgia, Atlanta- based bank holding company, and HomeTrust Bank of Georgia, headquartered in Gainesville, Ga., have announced a preliminary agreement providing for Trust Company to acquire HomeTrust. Trust Company is a wholly owned subsidiary of SunTrust Banks, Inc. (NYSE: STI), the regional banking company operating in Florida, Georgia and Tennessee. Under the plan, each share of common stock of HomeTrust would be exchanged for 0.38 shares of SunTrust common stock. A total of 736,234 shares of SunTrust stock would be issued in the exchange. The transaction, which is subject to several conditions including approvals by HomeTrust shareholders and regulatory authorities, is expected to require several months for completion. HomeTrust, with assets over $300 million, was established in 1957 as Home Federal Savings Bank of Georgia. The institution was converted to a state chartered commercial bank in 1991. In addition to four banking locations in Gainesville and Hall County, other offices are located in Blue Ridge (Fannin County), Clarkesville (Habersham County), Cleveland (White County), Cumming (Forsyth County) and Duluth (Gwinnett County). -0- 7/31/92 /CONTACT: Jim Armstrong of Trust Company of Georgia, 404-588-7425/ (STI) CO: Trust Company of Georgia; HomeTrust Bank of Georgia; SunTrust Banks, Inc. ST: Georgia IN: FIN SU: TNM
EA-BR -- AT003 -- 5463 07/31/92 09:29 EDT
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|Date:||Jul 31, 1992|
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