Legends Bank to absorb Home Savings Bank

Legends Bank of Linn and Home Savings Bank of Jefferson City announced this week they have agreed to combine operations.

The transaction is to be structured as a cash purchase of Home Savings Bank's assets and the assumption of most of its liabilities by Legends Bank, with Legends Bank as the surviving entity, according to a news release.

The combination is scheduled to close before the end of 2016, subject to regulatory approval.

Home Savings Bank is a $24 million mutual savings bank that has operated in Jefferson City since 1897. Its sole location is in downtown Jefferson City at 130 E. McCarty St., which will become a full-service branch of Legends Bank upon the closing of the transaction.

Legends Bank is a 103-year-old, $305 million Missouri state bank. It operates branches in the Missouri communities of Linn, Westphalia, Belle, Loose Creek, Taos, Owensville, Bland, Union and Rolla. Its headquarters in Linn are approximately 18 miles east of Home Savings Bank's office, and Legends Bank's Taos branch is only 8 miles away.

"We are thrilled to be partnering with Home Savings Bank as we enter the Jefferson City market," said John Klebba, president of Legends Bank, in the release. 

"Home Savings Bank has a wonderful staff, a great location and a long history of serving the financial needs of their community.

"Our expansion focus has always been on markets that are contiguous to one of our existing markets, and while we have long looked at Jefferson City as an attractive and logical market for us, we had not found the right opportunity before now."

Jack Curtit, president of Home Savings Bank, said, "Home Savings Bank is excited about joining the Legends Bank family. This will allow our customers to continue to receive the same quality service, from the same employees, at the same location. By joining Legends Bank, our current customers will have the opportunity to take advantage of many other banking services that are offered by Legends. We are looking forward to this new opportunity."