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Legacy Bancorp Losses Narrow In Q3

Oct 28, 2010 | Reprints | Unlock Link | Print

legacy_logo Pittsfield-based Legacy Bancorp Inc., the holding company for Legacy Banks, reported a net loss of $779,000 for the third quarter ended Sept. 30, compared to a net loss of $1.7 million in the third quarter of 2009.

Year-to-date, Legacy Bancorp has incurred a net loss of $3.4 million, compared to a net loss of $4 million for the same period in 2009, according to a statement.

"We are taking the steps necessary to reverse the trends of the past few quarters and improve earnings going forward," said Patrick J. Sullivan, president. "This quarter we continued to see steady and consistent deposit growth at 6.7 percent despite aggressive pricing reductions in all deposit categories. Additionally, we have strengthened our management team in key areas including risk management, human resources and business banking."

Executive Briefing