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Berkshire Hills Bancorp Inc's Berkshire Bank To Acquire 20 New York Branches Form Bank of America Corp

Wednesday, 24 Jul 2013 08:32am EDT 

Berkshire Hills Bancorp Inc announced that its banking subsidiary, Berkshire Bank, has entered into a purchase and assumption agreement to acquire 20 retail bank branches from Bank of America. The branches are located in New York markets which are within or contiguous to markets served by Berkshire. The acquired branches have approximately $640 million in total deposits and $5 million in loans. Both banks will be working closely together to ensure a seamless transition for customer accounts and associates transferring to Berkshire Bank. Berkshire intends to offer continued employment to branch associates who are on staff when the acquisition is completed. This acquisition is subject to regulatory approval from the FDIC and the Commonwealth of Massachusetts and the satisfaction of customary closing conditions. The acquisition is expected to be completed in the first quarter of 2014. 

Company Quote

-0.13 -0.84%
31 Mar 2015