Legacy Bancorp, Inc. Announces Operating Efficiency Initiative
19 December 2007 - 8:15AM
Business Wire
Legacy Bancorp, Inc. (the �Company�) (NASDAQ:LEGC), the holding
company for Legacy Banks (the �Bank� or �Legacy�) announced today a
plan of action to reduce costs and improve operating efficiencies
to position the Bank for continued growth and success. As part of
the plan, the Company is eliminating ten (10) positions,
representing approximately 5% of the Bank�s total workforce,
including seven (7) management positions. All affected employees
are eligible to receive financial assistance in the form of
severance based upon length of service and position, benefits
continuation and outplacement support. The Bank is committed to
delivering the same exceptional service its customers have come to
expect. As part of the plan, the Company expects to incur a fourth
quarter 2007 pre-tax charge of approximately $438,000 associated
with the reductions. J. Williar Dunlaevy, Chairman and Chief
Executive Officer commented, �While this action is difficult,
adjustments to the Bank�s staffing levels and management structure
are being made to create a focused operational structure that will
best serve our customers and achieve our financial goals in light
of current economic realities and market conditions.� Mr. Dunlaevy
added, �All reduction in force decisions were based upon careful
analysis of the Bank�s operations. The Bank is committed to
maintaining the same exceptional level of service our customers
have come to expect.� Legacy Banks is headquartered in Pittsfield,
Massachusetts. It employs 196 people and has sixteen offices
throughout Berkshire County, Massachusetts and eastern New York, 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. 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. 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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