Legacy Bancorp, Inc. Announces Completion of Acquisition of New York Branch Offices

  
    
  
  
    
      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.