Legacy Bank & Trust in Mountain Grove, Mo., has agreed to buy Crain Mortgage in Dallas.
Brett Magers, president of the $1 billion-asset Legacy, said in a LinkedIn post that Crain is an FHA multifamily accelerated processing lending. Crain will be rebranded as Legacy Capital.
The deal is expected to close by the end of this year. The price wasn’t disclosed.
“Legacy Capital will service the long-term/perm financing needs of our affordable and market-rate development clients,” Magers said.
Legacy desires to become a one-stop shop for affordable housing finance nationwide and this acquisition allows us to continue to expand towards that goal,” Magers added.
The entire Crain staff will join Legacy and continue to operate the business on a day-to-day basis.