The board of directors of Pittsfield-based Legacy Bancorp, the holding company for Legacy Banks, has authorized a stock repurchase program for the purchase of up to 439,095 shares, or 5 percent, of the company’s common stock.

The company said any repurchases under the stock repurchase program will be made through open market purchase transactions or privately negotiated transactions from time to time. The amount and exact timing of any repurchases will depend on market conditions and other factors. There is no assurance the company will repurchase shares during any period.

The board of directors has declared a cash dividend of $0.05 per common share. The dividend will be paid on April 1, to stockholders of record as of March 20.