GAINESVILLE, Ga. -- Shareholders of HomeTrust Bank of Georgia have approved its acquisition by Trust Company of Georgia, a unit of SunTrust Banks Inc.
Under the previously announced agreement, each share of HomeTrust common stock would be exchanged for 0.38 share of SunTrust. Atlanta-based SunTrust would issue 736,233 shares in the exchange, worth about $29.6 million.
HomeTrust, which has assets of $312 million, was known as Home Federal Savings and Loan until its conversion to a state-chartered bank in 1991. Pending regulatory approvals, the SunTrust purchase is expected to be complete by yearend.