Legend Bancorp Inc. of Bowie, Tex., has a deal to acquire the $89 million-asset Bonstate Bancshares Inc. in Bonham.
The $380 million-asset Legend did not disclose a price but said it made the deal last week.
Legend, founded in 1890, has seven branches stretching from north central Texas to Dayton, over 330 miles away from its headquarters.
Its chief executive, Jim Woodall, said in an interview Thursday that the deal for Bonstate, the parent of Bonham State Bank, fits in well with his company's long-term expansion plans.
"We would like to be a $2 billion lending institution by the year 2020," he said.
Legend last made an acquisition in 1990. Mr. Woodall said that his company likely would wait a couple of years before buying again, but that it is looking at some branching opportunities.
The deal for Bonstate is expected to close around Nov. 1.
