Legacy Bancorp, Inc. Announces Plans to Enter New York State
26 July 2007 - 6:05AM
Business Wire
Legacy Bancorp, Inc. (the �Company�) (NASDAQ:LEGC), the holding
company for Legacy Banks (the �Bank� or �Legacy�) announced today
that the Bank had entered into a Purchase Agreement with First
Niagara Bank (�First Niagara�) to acquire certain assets and assume
certain liabilities of five (5) full-service branches of First
Niagara located in the eastern New York communities of Windham,
Greenville, Middleburgh, Oakhill (East Durham), and Whitehall
(collectively the �Branches�). As of June 30, 2007, aggregate
deposit liabilities related to the Branches to be assumed by the
Bank totaled approximately $83.5 million. The Bank has agreed to
pay a weighted average premium of 12.75% of the deposits. No
customer loans are being transferred in connection with the
transaction. The proposed acquisition of the Branches is subject to
customary closing conditions, including receipt of applicable state
and federal regulatory approvals. The Bank intends to consummate
its purchase and assumption transaction during the fourth quarter
of 2007. �This acquisition continues Legacy�s expansion into New
York State, where we have been an active lender for several years,
and already have a Loan Production Office located in Colonie,�
commented J. Williar Dunlaevy, Chairman and Chief Executive Officer
of the Company and Legacy. �This is our first acquisition in New
York, and we are confident that the purchase of these Branches
provides us with critical customer relationships, the personnel to
implement our strategy of expanding our brand of community banking
into New York and the ability to generate valuable core deposits.
The acquisition also enables us to open additional branch offices
in New York, including in the Capital District, where we already
have a significant presence by virtue of our lending activity. The
eastern New York market is and will be increasingly important to
us, and we look forward to working with and helping this expanded
client base to grow and prosper.� �We look forward to working with
the customers and employees of these new Branches to carry forward
Legacy�s traditions of strong community banking and premier
customer service.� Mr. Dunlaevy added that he also anticipates that
The Legacy Banks Foundation will become actively engaged in these
new communities. Legacy Banks is headquartered in Pittsfield. It
employs 178 people and has eleven offices throughout Berkshire
County in Great Barrington, Lee, Lenox, North Adams, Otis and
Pittsfield, as well as a Loan Production Office in Colonie, New
York. Legacy offers Personal Banking, Mortgage Lending, Commercial
Services, Insurance, Investments, Portfolio Management, Credit and
Debit Card products, and Online Services. Legacy Banks, through its
predecessors City Savings Bank, chartered in 1893, Lenox Savings
Bank, chartered 1890, and Lee National Bancorp, chartered 1835 has
a 172-year banking history in Berkshire County. FORWARD LOOKING
STATEMENTS Certain statements herein constitute �forward-looking
statements� within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the beliefs and
expectations of management, as well as the assumptions made using
information currently available to management. Since these
statements reflect the views of management concerning future
events, these statements involve risks, uncertainties and
assumptions. As a result, actual results may differ from those
contemplated by these statements. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
�believe,� �expect,� �anticipate,� �estimate,� and �intend� or
future or conditional verbs such as �will,� �would,� �should,�
�could� or �may.� Certain factors that could cause actual results
to differ materially from expected results include changes in the
interest rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
businesses in which Legacy Bancorp is engaged and changes in the
securities market. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this release and the associated conference call. The
Company disclaims any intent or obligation to update any
forward-looking statements, whether in response to new information,
future events or otherwise.
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