DeWITT — Beacon Federal Bancorp, Inc. (NASDAQ: BFED) shareholders voted in favor of their bank being acquired during a special meeting Thursday.
The move is a step toward the completion of a $132 million deal first announced in May that will have Beacon Federal acquired by Massachusetts–based Berkshire Hills Bancorp., Inc. (NASDAQ: BHLB), the parent company of Berkshire Bank. The banking companies expect the transaction to close in the fourth quarter of this year.
DeWitt–based Beacon Federal operates branches in DeWitt, East Syracuse, Marcy, and Rome, as well as Smartt, Tenn., Smyrna, Tenn., and Chelmsford, Mass. It posted a profit of $666,000, or 11 cents per share, in the second quarter of this year — down from $1.7 million, or 28 cents a share, in the same quarter of 2011.
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Beacon’s shareholders also approved a non-binding advisory resolution approving compensation for some of the company’s executive officers. Terms of that resolution, which is tied to the Berkshire Hills acquisition, were not immediately available.
Contact Seltzer at rseltzer@cnybj.com
