Legacy Bancorp, Inc. Reports Results for Quarter Ended September 30, 2007.

PITTSFIELD, Mass. -- Legacy Bancorp, Inc. (the "Company" or "Legacy") (NASDAQ: LEGC), the holding company for Legacy Banks (the "Bank"), today reported net income of $520,000, or $0.06 per diluted share for the quarter ended September 30, 2007, which represents a decrease of $783,000, or 60.1% from net income of $1.3 million in the third quarter of 2006. Year to date, the Company has generated net income of $1.7 million, or $0.19 per diluted share, a decrease of $1.7 million, or 48.8% from the first nine months of 2006. The decrease in net income in both periods is primarily a result of an increase in non-interest expenses as described below. The total shares outstanding resulted in a book value per share and tangible book value per share of $14.11 and $13.80, respectively, at September 30, 2007.

J. Williar Dunlaevy, Chief Executive Officer, commented "During the third quarter of 2007, we continued our record of consistent loan and asset growth, although it was more modest than in previous quarters, tempered by a modest decline in total deposits. In our efforts to mitigate the pressure on the net interest margin, we have been disciplined in our deposit pricing and that very likely is a factor in the modest reduction in deposits. The positive impact of that is that our margin held steady at 3.00% as compared to the previous quarter. At the same time, we are continuing to see growth in our relationship banking products which we believe to be key to improving long term customer profitability. Asset quality measures continue to be excellent, and we have no sub-prime credit exposure.

We were pleased to report in recent weeks that we have received the required regulatory approvals from Massachusetts, New York, and the FDIC in connection with our acquisition of five branch offices…