The board of directors and executive management of Pittsfield-based Legacy Bancorp, the holding company for Legacy Banks, has decided not to participate in the U.S. Treasury Capital Purchase Program. The company announced on Jan. 2 that it had received preliminary approval from the Treasury for the program.
 
"Preliminary acceptance into the program was an acknowledgement of the company’s financial strength and strong capital position," said J. Williar Dunlaevy, chief executive officer, commenting on the company’s decision not to participate in the program.  "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."
 
On a fully consolidated basis, the company maintains a capital level of $125 million, or 13.6 percent of assets as of Sept. 30.  The bank is also considered "well-capitalized" pursuant to regulatory requirements, with a Tier 1 leverage capital ratio of 9.56 percent, a Tier 1 risk-based capital ratio of 12.57 percent and a total risk-based capital ratio of 13.47 percent.