Legacy Bancorp, the holding company for Legacy Banks, has completed its acquisition of the full-service branch office of The Bank of Western Massachusetts, a division of People’s United Bank located in Haydenville, Massachusetts.
Pursuant to the terms of the purchase and assumption agreement dated as of December 15, 2008 between Legacy Banks (the bank) and People’s United, the bank purchased real property totaling approximately $409,000 and assumed deposit liabilities totaling approximately $9.8m.
The bank paid a deposit premium equal to 4%, or approximately $392,000. The bank has retained all employees of the Haydenville office.
Williar Dunlaevy, chairman and CEO of Legacy Bancorp, said: “We are thrilled to have entered the Pioneer Valley. We look forward to welcoming our new employees and customers of the Haydenville Office to the Legacy family.
We are grateful to everyone at Legacy and People’s United for their tireless work and the professional manner in which they executed this acquisition. We look forward to expanding our presence and relationships in this market and to continuing the Legacy tradition of offering our customers innovative and convenient banking products, services and solutions.
