C. Hunter Westbrook Promoted to Chief Executive Officer of HomeTrust Bank and President of HomeTrust Bancshares, Inc.
July 27 2021 - 9:00AM
HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding
company of HomeTrust Bank (“Bank”), today announced that C. Hunter
Westbrook will assume the positions of President and Chief
Executive Officer of the Bank, and President and Chief Operating
Officer of the Company, effective September 1, 2021. At that time,
Mr. Westbrook will also join the Boards of Directors of the Company
and the Bank. Dana L. Stonestreet will continue to serve as
Chairman and Chief Executive Officer of the Company and Chairman of
the Bank.
Mr. Westbrook’s tenure with HomeTrust began in
2012 as Executive Vice President and Chief Banking Officer of the
Company and the Bank. His promotion to CEO of the Bank and
President of the Company is his third promotion since that time,
placing him in a key leadership role to preside over further growth
and to guide HomeTrust to additional success as a leading regional
community bank. Mr. Westbrook became Senior Executive Vice
President and Chief Operating Officer of the Company and the Bank
in 2018 and President and Chief Operating Officer of the Bank in
2020. During his tenure, the Bank’s total consolidated assets have
increased from $1.5 billion in 2012 to $3.6 billion on March 31,
2021.
“For almost ten years, Hunter’s leadership has
been integral to the transformation of HomeTrust to a thriving
regional commercial community bank,” said Mr. Stonestreet. “When we
converted to stock form in 2012, HomeTrust offered customers three
lines of business in our western North Carolina locations. We were
looking for the right individual to expand the Bank’s capabilities
and offerings. Hunter quickly demonstrated his strategic and
operational expertise and HomeTrust expanded into three more states
– Tennessee, Virginia, and South Carolina – while expanding to ten
lines of business to drive growth and stockholder value. Throughout
our time working together, I have enjoyed seeing how his astute
mind brings focus to our work, ultimately creating stockholder
value while remaining true to HomeTrust’s 95-year commitment to our
employees, customers and communities.”
“I look forward to continuing – and accelerating
– the Bank’s positive growth trajectory,” said Mr. Westbrook. “It
is incumbent upon us that we not only meet, but that we anticipate,
the needs of our customers. I am confident that the drive,
dedication and enthusiasm of the HomeTrust team will enable us to
deliver more value to our customers and stockholders. The
confidence Dana and the Board have demonstrated by this promotion
is humbling and I enthusiastically embrace the opportunity to lead
HomeTrust forward as a nimble, innovative, full-service commercial
bank.”
Mr. Westbrook’s promotion comes on the heels of
a major profitability improvement plan and balance sheet
restructuring announced by the Company in June 2021. That plan
included the prepayment of long-term borrowings, bringing the
back-office Small Business Administration loan processes in-house
and closing nine retail branches to increase pretax income by
approximately $10 million.
Mr. Westbrook is a 30-year banking veteran who
served as President and CEO of two community banks before joining
HomeTrust. Mr. Westbrook also worked for nearly 20 years in various
senior level positions with TCF Bank and its parent, TCF Financial
Corporation. He earned his Master of Business Administration degree
from the University of Minnesota’s Carlson School of Management and
holds a Bachelor of Science in Accounting & Business from West
Virginia University.
About HomeTrust Bancshares,
Inc.
HomeTrust Bancshares, Inc. is the holding
company for HomeTrust Bank. As of March 31, 2021, the Company had
total consolidated assets of $3.6 billion. The Bank, founded in
1926, is a North Carolina state chartered, community-focused
financial institution committed to providing value added
relationship banking with over 40 locations as well as
online/mobile channels. Locations include: North Carolina
(including the Asheville metropolitan area, the "Piedmont" region,
Charlotte, and Raleigh/Cary), Upstate South Carolina (Greenville),
East Tennessee (including Kingsport/Johnson City/Bristol,
Knoxville, and Morristown) and Southwest Virginia (including the
Roanoke Valley). The Company is the 2nd largest publicly traded
community bank holding company headquartered in North Carolina.
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements often include words such as
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements are not historical
facts but instead represent management's current expectations and
forecasts regarding future events, many of which are inherently
uncertain and outside of the Company's control. Actual results may
differ, possibly materially, from those currently expected or
projected in these forward-looking statements. Factors that could
cause the Company's actual results to differ materially from those
described in the forward-looking statements include: the effect of
the COVID-19 pandemic, including on the Company's credit quality
and business operations, as well as its impact on general economic
and financial market conditions and other uncertainties resulting
from the COVID-19 pandemic, such as the extent and duration of the
impact on public health, the U.S. and global economies, and
consumer and corporate customers, including economic activity,
employment levels and market liquidity; increased competitive
pressures; the possibility that (i) the planned branch closures
previously disclosed by the Company will not occur within the time
frame anticipated or at all, (ii) the charges incurred by the
Company in connection with the branch closures will be greater than
expected and/or (iii) the cost savings realized by the Company from
the branch closures will be lower than expected; the possibility
that the additional servicing fee and gain on sale income resulting
from the transitioning of the Bank’s back-office SBA loan servicing
process in-house will be lower than expected; the possibility that
the estimated savings from the early retirements of the Company’s
long-term debt will be lower than expected; changes in the interest
rate environment; changes in general economic conditions and
conditions within the securities markets; legislative and
regulatory changes; and other factors described in the Company's
latest Annual Report on Form 10-K and Quarterly Reports on Form
10-Q and other documents filed with or furnished to the Securities
and Exchange Commission (the “SEC”), which are available on the
Company’s website at www.htb.com and on the SEC's website at
www.sec.gov. These risks could cause the Company's actual results
for fiscal 2021 and beyond to differ materially from those
expressed in any forward-looking statements by, or on behalf of,
the Company and could negatively affect its operating and stock
performance. Any of the forward-looking statements that the Company
makes in this press release or the documents it files with or
furnishes to the SEC are based upon management's beliefs and
assumptions at the time they are made and may turn out to be wrong
because of inaccurate assumptions they might make, because of the
factors described above or because of other factors that they
cannot foresee. The Company does not undertake, and specifically
disclaims, any obligation to revise any forward-looking statements
to reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
www.htb.com
www.hometrustbancshares.com
Contact: |
Dana L. Stonestreet |
|
Chairman/CEO |
|
828.259.3939 |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e338eeb4-d2b6-47cf-bf08-0b4e6bf4f79c
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