logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Kik Interactive Inc., the parent of chat app Kik, said it will launch a new cryptocurrency or token called Kin for use in everyday digital services, such as chat, social media and payments. Kik said it has decided to propose a new ecosystem of digital services that will be truly open and decentralized, and will start with a new cryptocurrency. Several companies have pulled advertisements from Sean Hannity's Fox News show after he continued to promote a conspiracy theory about Democratic National Committee staffer Seth Rich's death. Hannity has come under fire for spreading a conspiracy theory linking Rich's killing to Wikileaks. Best Buy Co., Inc. reported lower profit in its first quarter on the absence of last year's CRT settlement proceeds. However, earnings per share topped market estimates significantly with higher comparable sales. Looking ahead, for the second quarter, the company projects higher comparable sales, and also lifted fiscal 2018 forecast for higher growth.In pre-market, shares were gaining 11.9 percent
comments powered by Disqus
Follow RTT