Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its banking subsidiary, Berkshire Bank, has completed the previously announced acquisition of 20 upstate New York branch offices from Bank of America, effective Jan. 17.
The acquisition includes 11 branches in Oneida and Herkimer counties.
In the transaction, Berkshire acquired about $450 million in deposits and $4 million in loans as of Jan. 14, the banking company said in a news release.
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It brings the total number of branches in Berkshire’s footprint to 91 offices across New York and New England.
The area branches include four in Utica and two in Rome, plus one office each in Ilion, West Winfield, Little Falls, New Hartford, and Whitesboro.
The other nine offices Berkshire is acquiring in Upstate are located in Amsterdam, Cairo, Chatham, Glens Falls, Greenville, Hudson, Johnstown, New Lebanon, and Queensbury.
“Our expanded footprint in New York will benefit both existing and new customers through enhanced convenience and active community support, while improving the quality and value of our franchise. With the help of our regional leaders, we look forward to building upon the momentum in these markets,” Michael Daly, chairman and CEO of Berkshire Bills Bancorp, said in the news release.
When Berkshire first announced the acquisition back in July, it indicated plans to offer continued employment to employees who are on staff when the acquisition is completed
Berkshire is based in Pittsfield, Mass. but is building a growing presence in Central New York. The banking company first entered the area in 2011 with its acquisition of Rome Savings Bank and purchased DeWitt–based Beacon Federal in October 2012.
Berkshire used Jefferies LLC as its financial advisor and Luse Gorman Pomerenk & Schick, P.C. as its outside legal counsel in the branch-acquisition agreement with Bank of America.
Contact Reinhardt at ereinhardt@cnybj.com
