Legacy Bank inks out-of-state acquisition

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Legacy Bank & Trust Co. and its holding company, Ozark Heritage Financial Group Inc., have signed a deal to buy a Texas business.

Legacy Bank entered a formal agreement to acquire Dallas-based Crain Mortgage Group LLC. A news release announcing the decision did not disclose the financial terms of the deal, which bank officials say has received regulatory approval and is scheduled to close at year's end.

"We are excited to have their expertise and customer base join our vision for being a leader in the affordable housing finance space nationwide," said Brett Magers, Legacy Bank president, in the release.

The acquisition will create a new division, called Legacy Capital, that will have a presence in Legacy Bank's Springfield headquarters building, officials say.

The deal also means a promotion for Magers, who will serve as CEO of Legacy Capital in addition to his role as bank president, according to the release. Kylee Brown, vice president and director of strategic initiatives for Legacy Bank, will become Legacy Capital's president.

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 the release.