Legacy won

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The Pittsfield, Mass., company, which is parent to Legacyu Banks, had announced on Jan. 2 that it had receives preliminary approval toobtain $20 million under the governmenft program. Other banks operating in the Albany, market, including , , and , took part CPP. J. Williar CEO of Legacy LEGC), said that after careful examination of the the company decided that participation inCPP “isz not in the best interest of our shareholders.” “Despitse challenging economic conditions, Legacy is a well-capitalized institutionb with strong asset quality as a resulft of our unwavering commitment to responsible financiao practices,” he said.
“We are confident in our ability to be able to serve the futur borrowing needs of the communitiexs we serve and to pursue our strategic plan and growth opportunities withou tthe Program’s capital infusion.” As of 30, Legacy had capital of $125 or 13.6 percent of assets. It is considered “well-capitalized” pursuany to regulatory requirements, with a Tier 1 leverage capital ratioof 9.56 a Tier 1 risk-based capital ratio of 12.57 percent and a tota risk-based capital ratio of 13.47 percent. Legacy Bankw has seven branches in the greate rAlbany market.