Legacy State Bank celebrated 10 years of service and success this past weekend.
Persevering through times of strife, the now $70 million bank has stood the test of time, remaining Loganville’s sole locally owned community bank.
“We are so excited to be celebrating 10 years,” said Executive Vice-President Bill Walker and also senior lending officer. “It’s been a tumultuous 10 years and I look forward to many more. We’re still here though a lot of community banks aren’t, and that’s something we’re very thankful for.”
Though Legacy now holds a highly-esteemed reputation in Walton and Gwinnett counties, Walker said times weren’t always so good.
The bank opened on March 15, 2005 and more than 400 local investors raised $17 million in capitol prior to opening day, which paved a solid foundation for the business. Less than three years later though, the economy experienced the worst downturn since the great depression, leaving the bank with little to do.
Walker said, “The timing of the bank’s opening was not good. Initial loans were made at the height of the real estate market and less than three years after the bank’s opening, the national economy and the local economy collapsed. The bank has spent the last seven years managing through the worst.”
Legacy was left to fend for itself during nearly unprecedented times but, despite economic hardship, was able to get back on its feet. Walker credits the bank’s committed board of directors and employees for the dramatic turnaround the bank achieved.
“We managed to survive the unprecedented times thanks to the leadership and the hard work of every employee in our bank and the trust and confidence customers have continued to place in us. We have since recapitalized the bank, we have worked through a number of problem loans, the local economy has begun to rebound, real estate prices and activity are increasing and loans and deposits are growing again. We have the strongest pipeline of new loan and deposit opportunities in years,” he said.
Legacy State Bank has six directors and 14 employees, three of whom have been with the bank since its inception in 2005 and many of which have been with the bank an extended amount of years. The locally owned and operated organization is also kept open by locals, as Walker said most customers are residents and business owners from Walton and Gwinnett counties.
“Because of our local ownership, local management team and local board of directors who live and work in our community, we can be responsive to our community’s needs and we can make quick decisions. If a customer has a question, it gets answered by someone in his or her neighborhood, not Charlotte or even Atlanta. Because our relationship with our community is so important, we continue to reinvest in our community through donations, sponsorships and through our employee’s involvement and volunteering in a number of community activities and organizations,” said Walker.
Community compassion and keeping locals in mind is the foundation Legacy State Bank was built upon and the foundation on which it prides itself. Walker said the bank will continue to put customers first and he looks forward to seeing what the bank will achieve in the years to come.
For more information on Legacy State Bank, visit http://www.legacystatebank.com.