THE FOLLOWING IS A FIRST SAVINGS BANK PRESS RELEASE
Mark Garrett, President and CEO of First Savings Bank of Danville (“FSB”) in Danville, Illinois announced today that FSB plans to join with The Hometown Savings Bank (“THSB”) in a merger. Garrett remarked, “First Savings Bank is excited about becoming part of The Hometown Savings Bank. We share the same hometown values, in our case going back to our founding in 1880. Our being merged into THSB will allow us to provide a wider array of services and products to our customers as we continue to focus on our community.” Garrett will become a Senior Vice President of THSB and will remain in Danville, together with all of FSB’s current employees. The FSB Board of Directors will serve in a new capacity as an advisory board for the Danville and Vermilion County market.
THSB President and CEO Bart Colwell stated that THSB has been looking to expand its footprint into new markets and locating in Danville by joining with FSB presented the right opportunity. Colwell went on to say, “First Savings Bank is a community bank just like The Hometown Savings Bank. Both banks have the same goals of providing local and personalbanking services to customers and we believe the FSB staff will be right at home in our culture.We look forward to serving customers in Danville and Vermilion County.”
THSB, founded in Terre Haute in 1869, recently changed its name from Terre Haute Savings Bank to The Hometown Savings Bank. The new name is more reflective of its mission as a community bank that offers personal service and emphasizes the importance of building customer relationships. THSB presently has 5 locations in Terre Haute, plus branch offices in Brazil, Riley, and West Terre Haute.
The definitive merger agreement has been signed, with the transaction subject to usual and customary approval by banking regulators. The merger is anticipated to close in the third quarter of 2022. Because both banks are structured with the mutual form of ownership, First Savings Bank’s assets, liabilities, and capital will become part of The Hometown Savings Bank, with THSB’s total assets increasing to approximately $500 million once the merger is finalized.
