Legacy Bancorp, Inc. Announces Completion of Acquisition of New York Branch Offices
December 10 2007 - 8:52AM
Business Wire
Legacy Bancorp, Inc. (the �Company�) (NASDAQ:LEGC), the holding
company for Legacy Banks (the �Bank� or �Legacy�) announced today
that the Bank completed its acquisition of the five (5)
full-service branch offices of First Niagara Bank (�First Niagara�)
located in the eastern New York communities of Windham,
Middleburgh, Oak Hill (East Durham), Greenville and Whitehall (the
�Branch Offices�) on December 7, 2007. Pursuant to the terms of the
Purchase and Sale Agreement dated as of July 25, 2007 between the
Bank and First Niagara, the Bank purchased real property totaling
approximately $1,355,000 and assumed deposit liabilities totaling
approximately $76,629,000. The Bank has retained all employees of
the Branch Offices. J. Williar Dunlaevy, Chairman and Chief
Executive Officer, commented, �We are thrilled to welcome our new
employees and customers to the Legacy family. We are grateful to
everyone at First Niagara and Legacy for their tireless work and
the professional manner in which they executed this acquisition.�
�Over the past four months we have had the privilege of getting to
know the branch office personnel who will continue to serve the
financial needs of our customers in these communities and know that
they will continue Legacy�s strong traditions of community focus
and premier customer service,� Mr. Dunlaevy stated. �Our doors are
now open in New York,� Mr. Dunlaevy continued. �As a Massachusetts
state chartered savings bank and participant in the Depositors
Insurance Fund, we are able to offer a competitive banking
advantage in the form of excess deposit insurance for all deposit
balances in excess of the FDIC limits.� �We look forward to
expanding our presence and relationships in New York markets and to
offering innovation and convenience to our customers in banking
products, services and solutions,� Mr. Dunlaevy concluded. Legacy
Banks is headquartered in Pittsfield. 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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