Legend Bank Closes In On Graham Savings and Loan Acquisition

Legend Bank in Bowie is on track to acquire Graham Savings and Loan after receiving all required regulatory approvals. The deal, which has been in the works for some time, will see Legend Bank take over the assets of Graham Savings and Loan.

The Federal Reserve Bank of Dallas gave its approval on August 24, marking a key milestone in the merger process. This followed authorization from the Texas Department of Savings and Mortgage Lending, completing the regulatory review.

Shareholders of Graham Savings and Loan voted overwhelmingly to approve the deal, with 99.21% of votes cast in favor of the acquisition. The boards of directors for both institutions also gave their unanimous approval.

The transaction is expected to close on October 1, after which customers will continue banking as usual. Graham Savings and Loan customers will retain their existing accounts, debit cards, online banking services, branch locations, and local staff.