Legacy Bancorp (NASDAQ:LEGC)
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Legacy Bancorp, Inc. (the “Company”)
(NASDAQ:LEGC), the holding company for Legacy Banks (the “Bank”
or “Legacy”)
announced today a plan of action to reduce costs and improve operating
efficiencies to position the Bank for continued growth and success. As
part of the plan, the Company is eliminating ten (10) positions,
representing approximately 5% of the Bank’s
total workforce, including seven (7) management positions. All affected
employees are eligible to receive financial assistance in the form of
severance based upon length of service and position, benefits
continuation and outplacement support. The Bank is committed to
delivering the same exceptional service its customers have come to
expect. As part of the plan, the Company expects to incur a fourth
quarter 2007 pre-tax charge of approximately $438,000 associated with
the reductions.
J. Williar Dunlaevy, Chairman and Chief Executive Officer commented, “While
this action is difficult, adjustments to the Bank’s
staffing levels and management structure are being made to create a
focused operational structure that will best serve our customers and
achieve our financial goals in light of current economic realities and
market conditions.”
Mr. Dunlaevy added, “All reduction in force
decisions were based upon careful analysis of the Bank’s
operations. The Bank is committed to maintaining the same exceptional
level of service our customers have come to expect.”
Legacy Banks is headquartered in Pittsfield, Massachusetts. 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.