Springfield, Mo. — Legacy Bank and Trust Co. and it’s holding company, OHFG, Inc. is excited to announce that it has entered into a formal agreement to acquire Crain Mortgage Group, LLC, a Dallas based provider of secondary market FHA/HUD multifamily loans. This purchase will allow Legacy to continue to further its platform to provide long-term affordable housing and market rate debt solutions. Legacy has established itself as an affordable housing bridge/construction lender in a multi-state region and seeks the ability to service the current customer base needs for long term fixed rates using government backed solutions. OHFG, Inc./Legacy is creating a one stop shop for affordable housing financing for clients through this acquisition. The transaction has been approved by regulators and will close at year end.
Crain Mortgage Group is a MAP approved HUD issuer and servicer that has been in business since 2007. Since inception, Crain has originated over $710MM in HUD loans and currently services over $240MM in mortgages. Daniel and Carol Crain founded the company in Dallas in 2007. Danny had a long career in HUD and government financing arrangements, since graduating from law school. Danny and Carol, and their two sons, Colin, and John, along with Jeff Bull who leads servicing and regulatory matters, will stay on to help continue the combined companies’ mission to serve the long-term financing needs of its clients, primarily in the affordable housing space. “Crain Mortgage Group’s background in FHA multifamily financing and servicing adds to Legacy Bank’s unique array of multifamily programs on the conventional side. This combination will benefit conventional and FHA borrowers and developers alike. This combination will produce spectacular benefits for multifamily owners and developers. Crain Mortgage Group looks forward to working with the bank and getting this new alliance into the marketplace. It really will be something special” (D. Crain).
After the purchase, Crain Mortgage Group will be known as Legacy Capital. We will continue to operate a Dallas location, as well as the office in Westport, CT. Legacy Capital will also establish a presence in Springfield, MO where the management and ownership of Legacy/OHFG, Inc. currently offices. Brett Magers, President of Legacy/OHFG will lead the newly formed Legacy Capital as CEO along with Kylee Brown, who will act as President. “We are excited to welcome in the Crain’s into the OHFG/Legacy world and look forward to building on what is already a fantastic company and customer base in the Dallas area and beyond. The Crain’s have built a great reputation in the HUD/FHA space, and we are excited to have their expertise and customer base join our vision for being a leader in the affordable housing finance space nationwide” (B. Magers). “The ability to expand Legacy’s financing options to our growing developer base is an exciting opportunity. We will provide an efficient and streamlined process for our developers to utilize the FHA/HUD loan program” (K. Brown).
Legacy Bank will finance over $500MM in affordable housing developments this year.
“Legacy Bank’s affordable housing financing team is excited to now be able to offer our clients even more permanent mortgage options through Legacy Capital. The addition of FHA financing options helps complete Legacy’s already full line of loan products and will allow us to provide seamless financing solutions for the development of affordable housing from pre-development and construction to long-term permanent mortgages” (E. Leonard).
About Legacy Bank and Trust
Legacy Bank and Trust was founded in 1907 and acquired in 2003 by Ozarks Heritage Financial Group. Legacy Bank and Trust is a Missouri-based commercial bank that is led by its Chairman, Chris Harlin, and its CEO, John Everett and President, Brett Magers.
To learn more about Legacy Bank and Trust, visit www.legacybankandtrust.com.
For more information regarding this press release contact:
Brett Magers, President, at bmagers@legacybankandtrust.com
