HomeTrust Bancshares (HTBI) in Asheville, N.C., announced that its chief executive is stepping down after nearly 50 years at the helm.

The $1.6 billion-asset company said Thursday that F. Edward Broadwell, its chairman and CEO, will retire at its next annual meeting, which is expected to take place in November. Broadwell, 73, has been CEO of the company and its bank since 1965. He became HomeTrust's chairman in 2002. 

Dana Stonestreet, the company's president and chief operating officer, will succeed Broadwell as CEO. The executives will serve as co-CEOs of the company and the bank from July 1 until Broadwell's retirement.  Stonestreet joined HomeTrust in 1989 as chief financial officer, becoming chief operating officer in 2003 and president in 2008.

"This succession … has been carefully planned by the board over the past several years," Larry McDevitt, a director, said in a press release. "We have the utmost confidence in [Stonestreet], who has served HomeTrust extremely well for the past 24 years and has already demonstrated the strength of his leadership skills and the depth of his industry knowledge."

HomeTrust converted from a thrift to a publicly traded company last July, raising about $200 million in the process.

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