Magazine article American Banker

LegacyTexas Considers MOE, Selling as $10B in Assets Looms

Magazine article American Banker

LegacyTexas Considers MOE, Selling as $10B in Assets Looms

Article excerpt

Byline: Paul Davis

LegacyTexas Financial Group in Plano has meet its original purpose of becoming a big player in its home market.

That accomplishment, along with a fast-approaching regulatory threshold, has management of the $8.1 billion-asset company looking at whether to pursue bigger acquisitions or find a buyer.

"We intended to turn this into an $8 billion single-market franchise with size, scale, and density," Kevin Hanigan, LegacyTexas' president and chief executive, said during the company's quarterly conference call on Wednesday. The company has also met its original objectives of reaching a 1.25% return on assets, excluding energy issues, along with an efficiency ratio below 50%. "We've hit all of those goals," he said.

"We've also said, when we did that, we were going to hit a crossroad of what do we do next?" Hanigan added. "Either the franchise is very valuable to somebody, and we can go down that path, or it seems we could do a merger of equals or do something to . …

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