Legacy Bank closes on acquisition of Texas company

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.