Legacy Declines TARP Funds

Print Story | Email Story
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.
If you would like to contribute information on this article, contact us at info@iberkshires.com.

Former Harry's Supermarket Under Construction for Restaurant

By Brittany PolitoiBerkshires Staff

PITTSFIELD, Mass. — Construction is underway to transform the former Harry's Supermarket into a restaurant

Late last month, the Conservation Commission greenlit some tree pruning on the property. New windows and a new door can be seen in the front of the building. 

"It's a substantial renovation that's currently underway here," Brent White of White Engineering said, speaking on behalf of the applicant and owner, Huajie Zhu. 

A fire gutted the longtime Wahconah Street supermarket in 2023, and the following year, Zhu purchased the property for $460,000 two years ago to build a restaurant with hibachi in the existing footprint of the more than 100-year-old building. 

White explained that the project has been ongoing for over a year, and the Community Development Board granted the property a waiver to reduce the minimum required number of parking spaces so that additional spaces aren't needed.  

He noted that, looking at the site plan, there is very little room to do so. A mirror will be installed near the sharp turn on Bel Air Avenue to alleviate traffic concerns. 

Pruning will be done on trees in the southeast corner of the existing paved parking lot, as a number of branches are hanging over. The new owners also intend to patch, sealcoat, and re-stripe the parking lot. 

A fire tore through the building less than an hour after the supermarket closed for the day three years ago. An automatic sprinkler system is required for the new use. 

View Full Story

More Pittsfield Stories