Legacy Receives Preliminary Approval for Treasury Capital Purchase Program01:22PM / Friday, January 02, 2009
PITTSFIELD, Mass. - Legacy Bancorp, Inc. (the “Company” or “Legacy”) (NASDAQ: LEGC), the holding company for Legacy Banks (the “Bank”), today announced that it has received preliminary approval of its application for approximately $20 million under the U.S. Treasury Capital Purchase Program (the “Program”). The Company will have 30 days after receipt of formal approval to decide whether to participate in the Program.
In commenting on the preliminary approval, J. Williar Dunlaevy, Chief Executive Officer said, “Participation in this portion of the Program is intended for healthy financial institutions to support expanded lending, either directly or by combining with weaker financial institutions. While we have not made a final decision on participation in the Program, we are pleased that we received preliminary approval as expected.” Mr. Dunlaevy continued, “Legacy is a well-capitalized institution with strong asset quality, a result of our unwavering commitment to responsible financial practices. This commitment will continue to be at the forefront as we proceed with plans for future growth and expansion. We will continue to carefully evaluate how participation in the Program would impact our strategic plans.”
Legacy Banks is headquartered in Pittsfield, Massachusetts. It employs 192 people and has 17 offices throughout Berkshire County, Massachusetts and Eastern New York, as well as a Loan Production Office in Colonie, New York. Legacy’s 18th office in Latham, NY will open on January 7, 2009. Legacy offers Personal Banking, Mortgage Lending, Commercial Services, Insurance, Investments, Portfolio Management, Credit and Debit Card products, and Online Services. |
