On May 27, Legend Bancorp Inc., the holding company for Bowie-based Legend Bank NA, announced that it has entered into a definitive agreement to acquire Graham-based Graham Savings and Loan SSB, a Texas community bank founded in 1934. Graham Savings and Loan operates three full-service locations in Graham, Breckenridge and Possum Kingdom, and reports approximately $160 million in assets. The transaction is expected to close later this fall, with the bank merger and full conversion occurring next spring.
“Since 1934, Graham Savings and Loan has built a strong legacy rooted in community banking and a deep commitment to the people it serves, and we have great respect for that history,” says Jay Bearden, CEO and president of Legend Bank. “We’re proud to carry that legacy forward together.”
Legend Bank is a Texas-based community bank founded in 1890. It has 13 full-service branch locations and two loan offices across North Texas with total assets of more than $1.2 billion. Legend Bank serves Bowie, Alvord, Decatur, North Richland Hills, Fort Worth, Weatherford, Henrietta, Wichita Falls, Nocona, Whitesboro, Sherman, Bonham, Cooper, Paris and Whitewright.
Hunton Andrews Kurth LLP served as legal counsel to Legend Bank and The Bank Advisory Group served as financial advisor. Bradley Arant Boult Cummings LLP served as legal counsel to Graham Savings and Loan and Hillworth Securities LLC served as financial advisor.
