Regulatory Approvals Complete
Legend Bancorp, Inc., the parent company of Legend Bank, N.A., has secured the Federal Reserve Bank of Dallas's approval for its acquisition of Graham Savings and Loan, dated August 24, 2026. This approval, along with that from the Texas Department of Savings and Mortgage Lending, which serves as Graham's main regulator, completes the necessary regulatory clearances. The deal had earlier received unanimous endorsement from both banks' boards and was approved by Graham's shareholders at a special meeting on August 6, 2026, with 99.21% of the votes in favor.[S1]
Leadership Comments
Jay Bearden, President and CEO of Legend Bank, described the approvals as a key achievement for both entities, thanking the boards, staff, clients, investors, and local areas for their trust. He emphasized that the two banks share a dedication to community-focused banking, local decision-making, and personalized service, and expressed eagerness to integrate Graham's employees and customers into the Legend Bank family.[S1]
Codie Hedge, President & CEO and Senior Lender of Graham Savings and Loan, said the milestone reflects confidence in the future of the bank and the shared values that brought the organizations together. He expressed excitement about the opportunities the partnership creates and affirmed that Legend Bank is the right partner because both believe relationships come first.[S1]
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Timeline and Customer Impact
With approvals in place, the partnership prepares for an anticipated closing on October 1, 2026, with full systems conversion expected in late April 2027. For customers, nothing changes today. Graham customers should continue banking as usual, with accounts, debit cards, online banking, branches, and local teams remaining the same. Legend Bank customers will continue at their current branches and will gain access to three additional locations once the conversion is complete.[S1]
Background of the Institutions
Legend Bank, founded in 1890 and headquartered in Bowie, Texas, operates 13 full-service branches and two loan offices across North Texas, with total assets exceeding $1.2 billion. Graham Savings and Loan, founded in 1934, has served Graham, Breckenridge, and Possum Kingdom for over 90 years. Legal and financial advisors for the transaction include Hunton Andrews Kurth LLP and The Bank Advisory Group for Legend, and Bradley Arant Boult Cummings LLP and Hillworth Securities, LLC for Graham.[S1]
