Legacy Bancorp, Inc. Announces Conclusion of Subscription Offering and Anticipated Closing
25 Oktober 2005 - 12:22AM
PR Newswire (US)
PITTSFIELD, Mass., Oct. 24 /PRNewswire/ -- Legacy Bancorp, Inc.,
the proposed Delaware holding company for Legacy Banks, announced
that it has received regulatory approval to complete the conversion
of the holding company structure of Legacy Banks from mutual to
stock form and to consummate its stock offering at the maximum
offering amount of $95,450,000. The offering was over-subscribed by
Legacy Banks depositors as of April 30, 2004, the first priority
category. As a result, all 9,545,000 shares will be allocated to
them based on their deposits as of April 30, 2004. The offering,
which expired on October 11, 2005, was managed by Ryan Beck &
Co., Inc. J. Williar Dunlaevy, Chairman and Chief Executive Officer
of Legacy Bancorp, Inc. and Legacy Banks, stated, "We are thrilled
at the level of support given to this offering by our depositors.
The confidence depositors and depositor directors and employees
have demonstrated through their investment is truly inspiring." He
added, "The financial strength and resources provided by the
offering and a more flexible corporate structure will significantly
enhance our ability to execute on our growth strategies." Legacy
expects to complete its conversion and stock offering on or about
October 25, 2005. Shares of Legacy's common stock are expected to
begin trading on Wednesday, October 26, 2005 on the NASDAQ National
Market under the symbol "LEGC." Legacy expects to mail stock
certificates to investors on or about Wednesday, October 26, 2005.
On that date, Legacy also expects to mail any partial refunds due
to eligible depositors as of April 30, 2004 and to mail full
refunds due to those who subscribed in lower priority categories of
the offering. The Legacy Banks Employee Stock Ownership Plan
intends to purchase 824,688 shares on the open market. As part of
the offering, Legacy will also contribute 763,600 shares ($7.6
million value based on the $10 offering price) to establish The
Legacy Banks Foundation, a new charitable foundation that will make
grants in markets in which Legacy Banks has offices. Lord, Bissell
& Brook, LLP, Washington, D.C., serves as special counsel to
the Company for the conversion and the stock offering. Thacher
Proffitt & Wood LLP, Washington D.C., serves as special counsel
to Ryan Beck. 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. Total assets as of June
30, 2005 were $707 million. THIS RELEASE IS NEITHER AN OFFER TO
SELL NOR A SOLICITATION OF AN OFFER TO BUY COMMON STOCK. THE OFFER
IS MADE ONLY BY THE PROSPECTUS. THE SHARES OF COMMON STOCK ARE NOT
DEPOSITS OR SAVINGS ACCOUNTS, MAY LOSE VALUE AND ARE NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY OR THE DEPOSITORS INSURANCE FUND. 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 Bancorp, Inc. Web site: http://www.legacybanks.com/
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