YOUR BUSINESS AUTHORITY
Legacy Bank & Trust Co. and its holding company, Ozark Heritage Financial Group Inc., closed on the acquisition of a Texas company.
The purchase of Dallas-based Crain Mortgage Group LLC was finalized Jan. 1, according to a news release. The deal for undisclosed terms was announced in November.
The deal additionally means the creation of a new division for the Springfield company called Legacy Capital, the rebranded name for Crain Mortgage Group.
Legacy Capital, led by Legacy Bank President Brett Magers, is establishing a presence at the company's Springfield headquarters on West Sunshine Street. It also will continue to operate a Dallas location and an office in Westport, Connecticut. Magers is continuing his role as president of Legacy Bank in addition to CEO of Legacy Capital.
Crain Mortgage Group is a provider of secondary market Federal Housing Administration and U.S. Department of Housing and Urban Development multifamily loans. Since its inception in 2007, Crain has originated more than $710 million in HUD loans and currently services some $240 million in mortgages, according to past reporting.
"We are excited to welcome in the Crains into the OHFG/Legacy world and look forward to building on what is already a fantastic company and customer base in the Dallas area and beyond," Magers said in the release, referring to the family behind Crain Mortgage Group.
SBJ interviews the interim dean at the William H. Darr College of Agriculture at Missouri State University.