Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade BHLB now with 

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.

Click here to receive FREE breaking news email alerts for Berkshire Hills Bancorp Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Proctor and Gamble (PG) has sold two of its soap brands to European consumer products giant Unilever (UN). Cincinnati-based P&G says the sale includes the global Camay brand, the Zest brand outside of North America and its Talisman manufacturing plant in Mexico. The plant employs approximately... Dish Network is no longer carrying Fox News in yet another dispute for the television provider. Fox News, which changed the face of cable news with its ardent advocacy of conservative issues, went dark Sunday, replaced on Dish by The Blaze, Glen Beck's new right-leaning channel. Fox Business channel... Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.