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Legacy Declines TARP Funds09:46AM / Friday, January 23, 2009
PITTSFIELD, Mass. - Legacy Bancorp, Inc. (the “Company” or “Legacy”) (NASDAQ: LEGC), the holding company for Legacy Banks (the “Bank”), announced that its Board of Directors and executive management have decided not to participate in the U.S. Treasury Capital Purchase Program (the “Program”). The Company announced on January 2, 2009 that it had received preliminary approval from Treasury for the Program.
In commenting on the Company’s decision not to participate in the Program, J. Williar Dunlaevy, Chief Executive Officer said, “Preliminary acceptance into the Program was an acknowledgement of the Company’s financial strength and strong capital position. However, after careful examination of the Program, we have decided that participation is not in the best interest of our shareholders. Despite challenging economic conditions, Legacy is a well-capitalized institution with strong asset quality as a result of our unwavering commitment to responsible financial practices. We are confident in our ability to be able to serve the future borrowing needs of the communities we serve and to pursue our strategic plan and growth opportunities without the Program’s capital infusion.”
On a fully consolidated basis, the Company maintains a capital level of $125 million, or 13.6% of assets as of September 30, 2008. The Bank is also considered “well-capitalized” pursuant to regulatory requirements, with a Tier 1 leverage capital ratio of 9.56%, a Tier 1 risk-based capital ratio of 12.57% and a total risk-based capital ratio of 13.47%.
Legacy Banks is headquartered in Pittsfield, Massachusetts. It employs 192 people and has 18 offices throughout Berkshire County, Massachusetts and Eastern New York. Legacy offers Personal Banking, Mortgage Lending, Commercial Services, Insurance, Investments, Portfolio Management, Credit and Debit Card products, and Online Services. |
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