Berkshire Hills Bancorp, Inc.'s (BHLB: Quote) banking subsidiary, Berkshire Bank, has reached a purchase and assumption deal to acquire 20 retail bank branches from Bank of America (BAC: Quote), 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.
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by RTT Staff Writer
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