logo
Plus   Neg
Share
Email

Berkshire Bank To Buy 20 New York Branches From Bank Of America - Quick Facts

Berkshire Hills Bancorp, Inc.'s (BHLB) banking subsidiary, Berkshire Bank, has reached a purchase and assumption deal to acquire 20 retail bank branches from Bank of America (BAC), which are located in New York markets which are within or contiguous to markets currently served by Berkshire.

The purchased branches have nearly $640 million in total deposits and $5 million in loans. Both the banks would work together to ensure a seamless transition for customer accounts and associates transferring to Berkshire Bank. Berkshire plans to offer continued employment to branch associates who are on staff when the acquisition is concluded.

According to Berkshire Hills, the 20 branches would increase its total branch count to 94 branches in its footprint, and its New York branch count would more than double to 37 branches. The transaction may be completed in the first quarter of 2014. Jefferies LLC served as financial advisor to Berkshire and Luse Gorman Pomerenk & Schick, P.C. served as Berkshire's outside legal counsel.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT