Legacy Bancorp, Inc. Announces Completion of Stock Offering and Conversion
October 26 2005 - 6:12PM
PR Newswire (US)
PITTSFIELD, Mass., Oct. 26 /PRNewswire-FirstCall/ -- Legacy
Bancorp, Inc. announced today that it has become the holding
company for Legacy Banks as a result of the completion of the
conversion of the bank's holding company structure from mutual to
stock ownership. Legacy Bancorp has also completed its related
public stock offering. Its common stock began trading on the NASDAQ
National Market under the symbol "LEGC". Legacy Bancorp sold
9,545,000 shares of common stock at $10 per share, and contributed
763,600 shares to The Legacy Banks Foundation, a charitable
foundation formed in connection with the conversion. After the
conversion and offering, Legacy Bancorp has 10,308,600 shares
outstanding. J. Williar Dunlaevy, Chairman and Chief Executive
Officer of Legacy Bancorp and Legacy Banks, stated "This is a
banner day in Legacy's history. Our entire staff is excited to
continue our tradition of customer service and to implement our
growth strategy under our new structure." Ryan Beck & Co., Inc.
assisted in the sale of the common stock in the offering and Lord,
Bissell & Brook LLP served as conversion counsel. Thacher
Proffitt & Wood LLP served as counsel to Ryan Beck. Commencing
today, Legacy will mail full or partial refunds due to subscribers
as a result of the oversubscription of the stock offering, and will
mail stock certificates to investors commencing Thursday, October
27, 2005. The Legacy Banks Employee Stock Ownership Plan, which was
unable to purchase shares in the subscription offering due to
oversubscriptions, intends to purchase 824,688 shares on the open
market. Legacy Banks is headquartered in Pittsfield. It employs 170
people and has ten offices throughout Berkshire County in Great
Barrington, Lee, Lenox, North Adams, Otis and Pittsfield. Legacy
offers Personal Banking, Mortgage Lending, Commercial Services,
Insurance, Investments, Portfolio Management, Credit and Debit Card
products, and Online Services. Legacy Banks has a 170- year banking
history in Berkshire County. It was originally City Savings Bank,
chartered in 1893, and in recent years has grown and expanded with
the mergers of Lenox Savings Bank, chartered 1890, and Lee National
Bancorp, chartered 1835. This release contains certain "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These include statements regarding
the anticipated mailing date of stock certificates. Forward-looking
statements may be identified by the use of such words as "believe,"
"expect," "anticipate," "should," "planned," "estimated," and
"potential." Forward-looking statements are subject to various
factors which could cause actual results to differ materially from
these estimates. These factors include, but are not limited to,
general economic and market conditions, legislative and regulatory
conditions, changes in interest rates that adversely affect Legacy
Banks' interest rate spread, changes in deposit flows, loan demand
or real estate values and other economic, governmental,
competitive, regulatory and technological factors that may affect
Legacy Bancorp's operations. Additional factors that could cause
the mailing date to be delayed include delays in processing and
printing of stock certificates. Contacts: J. Williar Dunlaevy
Michael A. Christopher Chairman & Chief Executive Officer
President & Chief Operating Officer Phone: 413-445-3500
413-445-3409 Email: DATASOURCE: Legacy Bancorp, Inc. CONTACT: J.
Williar Dunlaevy, Chairman & Chief Executive Officer,
+1-413-445-3500, , or Michael A. Christopher, President & Chief
Operating Officer, +1-413-445-3409, , both of Legacy Banks Web
site: http://www.legacybanks.com/
Copyright