Legacy Bank & Trust Growth from $800MM to $1.7B in Assets Over 3 Year Span

Over the course of the last three years, Legacy Bank & Trust, headquartered in Springfield, Missouri, experienced a growth in assets from $800MM to $1.7B. The strategic decisions the Bank and its leadership team made prior to the influx of business have contributed to their success entering new markets and expanding their reach to their niche clientele today. The many moves made to accommodate asset accumulation across the board included team member additions and technology upgrades, but core values of service and client prioritization remained as its foundation.

Legacy Bank & Trust is a certified Community Development Financial Institution (CDFI) by the U.S. Department of Treasury, qualifying the Bank to win awards such as Capital Magnet Fund (CMF) and New Markets Tax Credits (NMTC). This enables the Bank to provide affordable, fair financial services that meet the needs of underserved areas. Upon receiving these awards over the span of three years, the Bank found itself in a position that demanded growth at an expedited rate in order to keep up with the increased volume of loan production and to continue serving every client with a standard of excellence.

The team at Legacy saw a need to maintain their edge as they increased in size: the priority to keep the familiar feel of a more personal, community bank. “The success we’ve had is caused largely by the value of being able to pick up the phone and reach a banker that a customer knows by name, rather than settling for a default digital experience,” quotes Legacy Bank & Trust COO, Jeremy Loftin.

In an effort to lengthen its runway and meet a client close to home, Legacy Bank & Trust began its expansion into new markets while putting its CDFI awards to work. This began one of the largest investments yet for Legacy Bank. Plans for construction of three new branches in the Dallas- Fort Worth area were initiated, along with an additional flagship location in Tulsa, Oklahoma. With the intention to invest in underserved areas, affordable housing, and job creation, the Bank quickly acquired a team of lenders fully equipped to keep the pace of its growth. The speed at which business was occurring required a set of operational systems that matched its trend.

Back in 2021, Jeremy Loftin began conversations with Jack Henry intending to prepare for the future. “We chose [Jack Henry] for their robust, core banking background,” quotes Loftin. The request was made to be pitched to as if the Bank were at 1B in assets. Although at the time in 2021, Legacy Bank & Trust remained a few years from hitting that mark. “Jack Henry’s infrastructure enabled us to be ready for the influx of growth we’ve had over the past three years. If we had not made the switch back then, we’d be playing catch up today,” Loftin explains. “Silverlake allowed us to scale on the back-end side of the bank, as well as aid in the intent to anticipate and provide for the future of business.”

The transition to Jack Henry in its perfect timing enabled Legacy Bank & Trust to continue down a rigorous path of expansion, without hitting the overwhelm of unprecedented increase on an operational front. Implementing Jack Henry’s Silverlake allowed the Bank to maintain its priority of investing in human capital and continue to serve the clients that have entrusted them since its humble beginnings.

About Author

Chloe Elmquist started with Legacy Bank & Trust in July of 2023 as Corporate Communications & Community Development Officer.

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