"We are proud to provide our shareholders with the 2004 Year in Review, which detailed our performance and the achievement of our strategic objectives," said George H. Groves, CEO and Chairman of The Legacy Bank.
...George H. Groves, Chairman and CEO announced that the Bank's strategy in 2005 will be to: grow a financially diversified banking company; achieve high performance standards; increase share price; and monitor acquisition opportunities, specifically those that fill the Legacy geographic footprint. In addition, at the annual shareholders meeting, Mr. Groves announced that the Board of Directors of The Legacy Bank approved a stock repurchase program authorizing the repurchase of up to 5% of the Bank's outstanding common stock, which is approximately 3,609,417 shares.
This program will allow the repurchase of approximately 180,000 shares of common stock.Purchases may be made, from time to time during the next twelve months, in the open market or in privately negotiated transactions, based on market conditions and other factors.The repurchase program may be suspended at any time without prior notice.The repurchase program is subject to FDIC
and Pennsylvania Department of Banking approval
. According to Chairman and Chief Executive Officer George H. Groves, the repurchased shares will be held as treasury shares available for issuance in connection with employee stock options, outstanding warrants, and other appropriate corporate purposes.