By Brandon Evans | Published Sunday, July 26, 2009
Legend Bank promoted Jay Bearden, former president of the Decatur branch, to serve as chief of lending for all Legend Banks. It is a newly created position.
Bearden began his new position at the Legend Bank headquarters in Bowie earlier this month. He will continue to live in Decatur. He had served as the Decatur branch president since 2003.
Although it's a new position for Bearden, he said the people he works with have made it pretty smooth.
"I work with a very experienced group of people," he said. "It's made it a very easy transition."
He works directly with all Legend Bank lenders throughout the state of Texas. Legend Bank spared itself from the upheaval impacting many other banks across the nation by never giving subprime loans.
"If you could fog a window you could buy a home," Bearden said of the banks handing out subprime loans. "Now the qualifications have tightened up."
Bearden takes pride in his bank helping people achieve their dreams. But he did say there needs to be a balance between loan regulations and the freedom of lenders to work with people wanting loans.
"I look at it like a pendulum," he said.
During the subprime lending, a lot of banks were being too liberal with their lending practices. Now, Bearden said it has swung to banks being too conservative.
"There needs to be a balance," Bearden said. "We want to help people achieve the American dream and buy a home, but people also have to be responsible."
Legend Bank promoted Chad Andrews to serve as the new president of the Decatur and Alvord branches.
Legend Bank is based in Texas and is one the oldest banks still in operation. The first Legend Bank opened in Bowie in 1890.
The current economic problems being felt throughout the nation don't bother Bearden.
"We've never sold out. We've never been insolvent. We've weathered a lot of storms," he said.
