HomeTrust Bancshares, Inc. has entered into a definitive merger agreement to acquire Blue Ridge Bankshares, Inc. in an all-stock transaction valued at approximately $448.1 million.
The deal, announced on August 17, 2026, is designed to expand HomeTrust footprint into desirable Virginia markets and create a commercial bank with more than $7 billion in assets and over 60 locations across the Southeast.
The acquisition is strategically important because Virginia community banking requires scale, strong deposit franchise and commercial loan growth.
Blue Ridge brings a strong deposit franchise, growing commercial loan portfolio and deep local relationships that complement HomeTrust footprint.
By combining HomeTrust demonstrated performance improvement and merger experience with Blue Ridge repositioned profitability after clean-up of legacy challenges including fintech partnerships and consent order, the combined company will be one of only three $5-10 billion major-exchange traded banks in the region.
The transaction is expected to close early in Q1 2027, subject to regulatory and stockholder approvals, and be accretive to EPS by approximately 30% assuming cost savings fully achieved beginning 2028, with 8.3% dilution to tangible book value and ~3.25 year earn-back.
Key Details of the Acquisition
| Detail | Information |
| Acquirer | HomeTrust Bancshares, Inc. |
| Target | Blue Ridge Bankshares, Inc. |
| Acquirer Country | United States |
| Target Country | United States |
| Acquirer Industry | Banking, Community Bank, Commercial Banking |
| Target Industry | Banking, Community Bank, Retail and Commercial Banking, Mortgage, Wealth Management |
| Deal Type | Acquisition |
| Deal Value | $448.1 Million all-stock |
| Announcement Date | August 17, 2026 |
| Expected Closing | Early Q1 2027 (First quarter of 2027) |
| Acquirer Founded | 1926, Asheville, North Carolina |
| Acquirer HQ | Asheville, North Carolina, 10 Woodfin Street |
| Acquirer Stock | NYSE: HTB |
| Acquirer Leadership | President and CEO C. Hunter Westbrook, Tony J. VunCannon contact |
| Target Founded | 1893 , refocused after fintech foray |
| Target HQ | Richmond, Virginia, 1801 Bayberry Court, Suite 101, Henrico County-based, Charlottesville-based |
| Target Stock | NYSEAM: BRBS, listed NYSE since Jan 2020 |
| Target Subsidiaries | Blue Ridge Bank, National Association, BRB Financial Group, Inc., provides retail and commercial banking, retail mortgage lending, investment and wealth management, trust, estate planning |
| Combined Entity | $7+ Billion assets, 60+ locations across Southeast, one of only three $5-10B major-exchange traded banks in region, market leading franchise |
| Advisors | Piper Sandler & Co. financial advisor + Silver Freedman Ta & Tiernan legal counsel to HomeTrust, Stephens Inc. + Williams Mullen to Blue Ridge |
HomeTrust Bancshares Company Introduction
HomeTrust Bancshares, Inc. is a U.S.-based bank holding company headquartered in Asheville, North Carolina, founded 1926, holding company for HomeTrust Bank, state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, Georgia.
Subsidiaries include HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank, Rutherford County Bank. Business includes business and consumer banking, commercial real estate, equipment finance. Goal to be consistently high-performing regional community bank guided by best place to work strategy. Recognition: Bank Director Best U.S. Banks, Forbes America Best Banks, S&P Top 50, KBW Honor Rolls 2025/2026, American Banker Best Banks to Work For. CEO C. Hunter Westbrook.
Blue Ridge Bankshares Company Introduction
Blue Ridge Bankshares, Inc. is a U.S.-based community bank headquartered in Richmond, Virginia (Henrico County), founded 1893, listed since Jan 2020, holding company for Blue Ridge Bank, N.A. and BRB Financial Group. Provides retail and commercial banking, retail mortgage lending, investment and wealth management, trust, estate planning.
Operates 27 branches and 2 loan production offices across Virginia and North Carolina, 5th largest publicly traded community bank in Virginia.
Legacy: fintech banking-as-a-service model with ~70 partnerships, faced OCC consent order 2024 for AML deficiencies, exited consent order, $41.4M loss Q3 with $26.8M goodwill impairment, suspended dividend, terminated remaining fintech partnerships 2025, refocused on community banking roots. CEO Interim Harry Golliday.
Deal Structure
The transaction is structured as an all-stock merger under a definitive merger agreement signed Aug 17, 2026, between HomeTrust Bancshares and Blue Ridge Bankshares, where Blue Ridge Bank will fold into HomeTrust Bank.
| Deal Structure Item | Details |
| Type | All-Stock Merger, Definitive Agreement Aug 17 2026 |
| Exchange Ratio | 0.086 HomeTrust share per Blue Ridge share + cash in lieu of fractional |
| Valuation Basis | 5-day VWAP $49.82 Aug 14 2026, $4.28 per share, $448.1M aggregate |
| Warrants | 25% agreed to exchange for HomeTrust stock, remainder exchange or roll into HomeTrust warrants |
| Tax | Tax-free reorganization for federal income tax purposes |
| Ownership | HomeTrust 65%, Blue Ridge 35% |
| Governance | 2 Blue Ridge directors join HomeTrust and HomeTrust Bank board |
| Approval | Unanimous boards, subject to regulatory, stockholder, customary conditions |
| Advisors | Piper Sandler + Silver Freedman Ta & Tiernan to HomeTrust, Stephens + Williams Mullen to Blue Ridge |
| Closing | Early Q1 2027 |
Structure details: Blue Ridge shareholders receive 0.086 HomeTrust share per Blue Ridge share plus cash in lieu of fractional shares, based on 5-day VWAP $49.82 Aug 14 2026 for $4.28 per share aggregate $448.1M.
Approximately 25% warrant holders agreed to exchange warrants for HomeTrust common stock, remaining can exchange or roll into newly issued HomeTrust warrants. Intended to qualify as tax-free reorganization for federal income tax. Upon completion, HomeTrust stockholders ~65% and Blue Ridge ~35% of combined company, 2 Blue Ridge directors join HomeTrust board. Boards unanimously approved, subject to regulatory approvals, stockholder approvals, customary closing conditions. Advisors Piper Sandler & Co. financial + Silver Freedman Ta & Tiernan legal to HomeTrust, Stephens Inc. + Williams Mullen to Blue Ridge. Expected early Q1 2027 close.
Why Is HomeTrust Acquiring Blue Ridge?
| HomeTrust Already Has | Blue Ridge Brings |
| Asheville-based $4.4B assets, 30+ locations NC/SC/TN/VA/GA | Richmond-based $2.5B assets, 27 branches +2 LPOs VA/NC, strong Virginia deposit franchise |
| High-performing commercial bank transformation from legacy thrift | Growing commercial loan portfolio, deep local relationships |
| Award-winning culture, best place to work strategy | $7B+ combined assets, 60+ locations across Southeast, top quartile earnings potential |
Outcome
This $448.1M all-stock deal at 0.086x exchange ratio ($4.28 per share based on $49.82 VWAP) represents a strategic scale acquisition priced at ~1.12x tangible book?
with 30% EPS accretion post-synergies and 8.3% TBV dilution with 3.25-year earn-back, creating one of only three $5-10B exchange-traded banks in the Southeast with $7B+ assets.
For HomeTrust, founded 1926 in Asheville with $4.4B assets and proven thrift-to-commercial transformation, it leverages its performance improvement playbook to enter attractive Virginia markets where Blue Ridge, despite legacy fintech and AML consent order issues, offers a cleaned-up $2.5B deposit franchise and 27-branch network.
For Blue Ridge, repositioned after $41.4M loss, goodwill impairment and dividend suspension, HomeTrust provides roadmap, product suite and capital strength. With 25% warrants exchanging, 65/35 ownership, 2 board seats, tax-free reorganization and advisors Piper Sandler and Stephens, deal expected early Q1 2027 could deliver market-leading franchise well positioned for long-term growth, though integration of systems, fintech legacy risk and regulatory approvals remain key watchpoints for community bank consolidation.
Source: SEC,
