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
Alphabet Inc. (GOOG, GOOGL), the parent company of Google, Monday reported a surge in profit for the first quarter, primarily reflecting strong revenue growth in search and advertising. Alphabet's first-quarter profit surged to $9.40 billion or $13.33 per share from $5.43 billion or $7.73 per share... Canadian restaurant chain Tim Hortons woes seem to be only mounting. However, most of the company's troubles seem to be self-inflicted amid a public feud with its aggrieved franchisees, alleged deterioration in food quality, and falling share prices. Tim Hortons was acquired by Brazilian private equity firm 3G Capital for $12.5 billion in 2014. An unruly passenger was tasered, arrested and forcibly removed from an American Airlines flight on Sunday evening after he allegedly touched a female passenger inappropriately. Prior to takeoff, the boyfriend of the female passenger on the plane contacted authorities after the unruly passenger, Jacob Garcia, began touching her. Garcia was subsequently arrested by the police.
Follow RTT