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

The Federal Reserve has terminated a 12-year-old written agreement against Cecil Bancorp in Elkton, Md. The $242.5 million-asset Cecil had been operating under the agreement since June 2010. Among other things, it instructed the company to submit a written plan to improve oversight, hire a consultant to conduct a corporate governance review and strengthen its credit risk practices. The company was also required to reduce its concentration of commercial real

Daylight, a challenger bank focused on the LGBTQ+ community, plans to offer a family planning subscription service after raising $15 million in new capital. Daylight said in a press release that the funding was led by Anthemis Group. Vinay Singh, managing director at Anthemis Group, will join Daylight's board. "Family creation is a major life event for queer people and the challenges we face are increasingly more complex than those

First Community Bankshares in Bluefield, Va., has agreed to buy Surrey Bancorp in Mount Airy, N.C. The $3.6 billion-asset First Community said in a press release that it will pay $113.2 million in stock for the $500 million-asset Surrey. The deal, which is expected to close in the second quarter, priced Surrey at 194% of its tangible book value. Surrey has seven branches, $244 million of loans and $436 million of

Visa will soon have a new CEO. The company said in a press release that Ryan McInerney, its president, will succeed Alfred Kelly on Feb. 1. Kelly, who has been CEO since 2016, will remain chairman. “I cannot think of a finer leader to continue to position Visa at the center of money movement in increasingly innovative ways,” Kelly said in the release. “Ryan has boundless energy and passion for this business and

Commerce Bancshares in Kansas City, Mo., has agreed to buy municipal bond underwriter and adviser L.J. Hart & Co. The $32.6 billion-asset Commerce didn’t disclose the price it paid for the St. Louis, Mo., company. L.J. Hart has advised more than 300 Missouri public school districts and nearly a quarter of the 114 Missouri county governments. It has underwritten more than 2,600 municipal financings for a par value of more

Ergo Bank in Markesan, Wis., has agreed to buy Farmers & Merchants Bank of Kendall in Wisconsin. The $138 million-asset Ergo submitted its application to buy the $79 million-asset Farmers & Merchants on Wednesday. Farmers & Merchants, formed in 1913, has three branches, $60 million of loans and $64.8 million of deposits. The application wasn’t immediately available.

First United in Oakland, Md., has acquired First Mortgage Services in Cumberland, Md. The $1.8 billion-asset First United said in a press release that First Mortgage has originated nearly $900 million of consumer mortgages since 1997. The price wasn’t disclosed. The acquisition “will enhance our ability to assist our customers and market areas,” Carissa Rodeheaver, First United’s chairman, president and CEO, said in the release. “The acquisition is expected to