Danville’s First Savings Bank plans to join The Hometown Savings Bank.
Mark Garrett, president and CEO of First Savings Bank of Danville in Danville, announced on Tuesday that FSB plans to join The Hometown Savings Bank in a merger.
Garrett remarked, “First Savings Bank is delighted to be part of Hometown Savings Bank. We share the same local values, in our case dating back to our founding in 1880. Our merger with THSB will allow us to provide a wider range of services and products to our customers while continuing to focus on our community.
Garrett will become senior vice president of THSB and will remain in Danville, along with all current FSB employees. The FSB board will serve in a new capacity as an advisory board for the Danville and Vermilion County market.
THSB President and CEO Bart Colwell said THSB was looking to expand its presence in new markets and that the move to Danville by joining 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 personal banking services to customers and we believe that FSB staff will be perfectly at home in our culture. We look forward to serving Danville and Vermilion County customers. »
THSB, founded in Terre Haute in 1869, recently changed its name from Terre Haute Savings Bank to The Hometown Savings Bank. The new name better reflects its mission as a community bank that provides personalized service and emphasizes the importance of building customer relationships. THSB currently has five locations in Terre Haute, as well as branches in Brazil, Riley and West Terre Haute, Ind.
The definitive merger agreement has been signed, the operation being subject to the usual and customary approval of banking regulators. The merger is expected to be completed in the third quarter of 2022. Since the two banks are structured under a form of mutual ownership, the assets, liabilities and capital of First Savings Bank will form part of The Hometown Savings Bank, the total assets of THSB dropping to around $500. million once the merger is complete.
The First Savings Bank of Danville is located at 6 W. Williams Street near St. James United Methodist Church.