On August 24, the Federal Reserve Bank of Dallas approved an application by Legend Bancorp Inc., the holding company for Bowie-based Legend Bank NA, to acquire Graham Savings and Loan. Together with approval from the Texas Department of Savings and Mortgage Lending, Graham Savings and Loan’s primary regulator, the required regulatory approvals for the merger have now been accomplished. With the required approvals in place, the partnership moves into its next chapter as both organizations prepare for an anticipated October 1 closing, with full systems conversion anticipated in late April 2027.
Once the acquisition and full systems conversion are complete, Legend Bank customers will gain access to three additional branch locations through Graham Savings and Loan.
“The approvals received from shareholders and regulators represent an important milestone for both organizations,” says Jay Bearden, president and CEO of Legend Bank. “We are grateful for the confidence shown throughout this process and for the strong support of both organizations’ boards, employees, customers, shareholders and communities. From the beginning, it was clear that Graham Savings and Loan and Legend Bank share the same commitment to community banking, local decision-making and relationship-based service.”
“This milestone represents far more than shareholder and regulatory approval—it reflects confidence in the future of our bank,” adds Codie Hedge, president, CEO and senior lender of Graham Savings and Loan. “We are grateful for the support we have received throughout this process and excited about the opportunities this partnership creates.”
Established in 1890, Legend Bank has 13 full-service branches and two loan offices across North Texas, with total assets of more than $1.2 billion. Established in 1934, Graham Savings and Loan has served generations of families, businesses and communities across Graham, Breckenridge and Possum Kingdom.
Hunton Andrews Kurth LLP serves as legal counsel to Legend Bank and The Bank Advisory Group served as financial advisor. Bradley Arant Boult Cummings LLP serves as legal counsel to Graham Savings and Loan and Hillworth Securities LLC serves as financial advisor.
