Legend Bank acquires Enloe State Bank
Legend Bank N.A., a $739 million asset bank headquartered in Bowie, recently announced that it has acquired Enloe State Bank, headquartered in Cooper. Legend Bank entered into a purchase and assumption agreement with the FDIC as receiver to assume the insured deposits of Enloe State Bank following its closure by the Texas Department of Banking. As of March 31, Enloe State Bank had approximately $30.5 million in total insured deposits.
This transaction provides a unique opportunity for Legend Bank to expand its operations into Northeast Texas, and it also expands its branch network to 12 locations in the Texas cities of Alvord, Bonham, Bowie (its main office location), Cooper, Decatur, Fort Worth, Henrietta, Nocona, North Richland Hills, Sherman, Whitesboro and Wichita Falls.
“Legend Bank has a 129-year history of serving customers with the utmost integrity, care and concern,” said Mickey Faulconer, president and CEO of Legend Bank. “Our service began when we opened our doors as the first bank in Bowie in 1890.
We are a different kind of banking partner and we hope the Enloe State Bank customers will enjoy banking with us as much as we look forward to serving them.”
No immediate changes are anticipated and Faulconer said it will be business as usual for Enloe State Bank’s customers and employees, all of whom will be retained by Legend Bank.
Following the acquisition of Enloe State Bank, Legend Bank will have total assets of approximately $739 million, total loans of $480 million and total deposits of $650 million.