KBW Raises LEGC Target To $13

After the close on December 21st, Legacy Bancorp, Inc. LEGC announced it had agreed to be acquired by Berkshire Hills Bancorp, Inc. BHLB in a deal valued at $108mm, KBW reports. “The deal appears to be a logical fit for both banks as Legacy is headquartered literally across the street from Berkshire Hills and both banks have heavy overlap in their respective footprints,” KBW writes. “We raise our price target to $13 reflective of the acquisition price.” Berkshire Hills Bancorp closed Wednesday at $21.00; Legacy Bancorp closed at $12.65.