Springfield, Missouri – June 9, 2022 – Legacy Bank and Trust announced today that its holding company, Ozarks Heritage Financial Group completed a $99 million dollar investment from the US Treasury Department. The Treasury’s investment, made under the Emergency Capital Investment Program (ECIP), is in the form of non-cumulative Senior Perpetual Preferred Stock.
ECIP enables the Treasury to make direct investments in bank and holding companies that are designated as a Community Development Financial Institution (CDFI). Ozarks Heritage Financial Group, Inc. and its subsidiary, Legacy Bank and Trust have both been designated as certified Community Development Financial Institutions since 2016. “This injection of capital in Legacy Bank and Trust will enable us to continue to expand our mission of community development and, more specifically, a focus on increasing the availability of affordable housing as well as the creation and retention of living wage jobs across the Midwest,” said Brett Magers, President of Legacy Bank and Trust.
“We are excited to have been approved by the Treasury as a recipient of an ECIP investment. It clearly demonstrates their confidence in our organization and support for our future vision,” said John Everett, Chief Executive Officer of Legacy Bank and Trust. Legacy Bank and Trust, through its CDFI activities, has provided over $307MM to 1,166 businesses over the last five years, with 86% of that funding focused specifically on disadvantaged businesses and communities.
ECIP provides long-term, low-cost equity that is specifically targeted to support low-and-middle income communities. “The addition of $99 million in capital more than doubles our current capital levels and will allow us to expand our services across a wider path of underserved areas that are currently difficult for us to reach due to capital restraints,” noted Brandon Taylor, Chief Financial Officer of Legacy Bank and Trust.
For additional information on the US Treasury’s ECIP investment please visit https://home.treasury.gov/policy-issues/coronavirus/assistance-for-small-businesses/emergency-capital investment-program
About Legacy Bank and Trust:
Since our first bank opened its doors, our vision has been to surpass standards in banking for ourcustomers as well as local businesses so they have the ability to help our communities thrive. Through a dedication to innovation, local growth, and building strong relationships with people like you, we hope to make every customer one for life. Legacy Bank and Trust exists to serve as the financial leader in economic and community development by providing financial products and services to underserved populations within our service area.
More information can be found at: www.legacybankandtrust.com