Crockett National Bank, San Angelo, Texas, has purchased a controlling interest in Legacy Mutual Mortgage, a San Antonio-based mortgage banker.
Legacy closed $440 million in home loans last year and is expecting to do over $600 million in 2012. The company is adding additional offices in San Antonio, New Braunfels, Boerne, Fort Worth and Houston.
Dan Diepenhorst, president and chief executive of Legacy Mutual, and Josh Sigman, vice president of sales, will remain with Legacy and run the day-to-day operations in partnership with Crockett. Legacy had been a doing business as name for Gardner Financial Services Ltd., for which the two had been part of the ownership group along with company founder Bob Gardner, San Antonio attorney Tom Robins and former chief financial officer Jim Horan.
Crockett, which also has offices in San Antonio, Austin and Ozona, is a rural real estate mortgage lender as well as a commercial real estate lender.
The bank said Legacy complements its existing lines of business.
The transaction will allow Legacy to do construction and portfolio loans and the bank's capital will help fund the mortgage banker's expansion plans.
