Attached files
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| 8-K - 8-K - LegacyTexas Financial Group, Inc. | a8-kkbraratingpressrelease.htm |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
August 26, 2015
Contact: Investor Inquiries:
Casey Farrell
972-801-5871/shareholderrelations@legacytexasfinancialgroup.com
Media Inquiries:
Jennifer Dexter
972-461-7157/Jennifer.Dexter@legacytexas.com
LegacyTexas Financial Group, Inc. Awarded Investment Grade Rating
from Kroll Bond Rating Agency
PLANO, Texas, August 26, 2015 -- LegacyTexas Financial Group, Inc. (NASDAQ: LTXB) (the “Company”), the holding company for LegacyTexas Bank (the “Bank”,) today announced that the Company and the Bank have received investment grade ratings with a stable outlook from Kroll Bond Rating Agency (“KBRA”).
KBRA assigned the Company BBB+ for senior unsecured debt, BBB for subordinated debt, and K2 for short-term debt. The Bank was assigned A- for deposits and senior unsecured debt and K2 for short-term deposits/debt. The outlook for all ratings was noted as stable. KBRA noted that the ratings were supported by the Company's “strong management team and infrastructure, sound asset quality, and performance of KBRA's stress testing.” KBRA also noted that solid earnings metrics and a comparatively healthy local economy contributed to the ratings, which were tempered by the Company's limited operating history in its current form, minimal geographic diversification, and the impact of the recent merger with LegacyTexas Group, Inc.
A copy of the report is available on Kroll Bond Rating Agency's website at www.kbra.com.
About LegacyTexas Financial Group, Inc.
LegacyTexas Financial Group, Inc. is the holding company for LegacyTexas Bank, a commercially oriented community bank based in Plano, Texas. LegacyTexas Bank operates 47 banking offices in the Dallas/Fort Worth Metroplex and surrounding counties. For more information, please visit www.legacytexasfinancialgroup.com.
When used in filings by LegacyTexas Financial Group, Inc. (the "Company”) with the Securities and Exchange Commission (the “SEC”), in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other things: the expected cost savings, synergies and other financial benefits from the Company-LegacyTexas Group, Inc. merger (the “Merger”) might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters might be greater than expected; changes in economic conditions; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; fluctuations in the price of oil, natural gas and other commodities; competition; changes in management’s business strategies and other factors set forth in the Company's filings with the SEC.
The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.