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Legacy Banks To Acquire BoWM Branch

Dec 16, 2008 | Reprints | Unlock Link | Print

Pittsfield-based Legacy Banks has entered into a purchase and assumption agreement with The Bank of Western Massachusetts (BoWM) to acquire a full-service branch office of BoWM in Haydenville.

As of Oct. 15, aggregate deposit liabilities related to the Haydenville office to be assumed by Legacy totaled approximately $12 million. Legacy has agreed to pay a premium of 4 percent of the deposits on the acquisition date. No customer loans are being transferred in connection with the transaction.

The proposed acquisition is subject to customary closing conditions, including receipt of applicable state and federal regulatory approvals, the bank said. The transaction is expected to be finalized during the first quarter of 2009.

Banking & Lending