Berkshire Bank expands New York operations
PITTSFIELD -- Berkshire Hills Bancorp, Berkshire Bank's holding company, has officially completed its $14.4 million acquisition of 20 branches in eastern and central New York state that formerly belonged to Bank of America.
The county's largest bank entered into a purchase and sales agreement to acquire those branches from Bank of America in July.
The transaction was subject to regulatory approval by both the state of Massachusetts and the Federal Deposit Insurance Corporation, along with the satisfaction of customary closing conditions. It was expected that the acquisition would be finalized by the first quarter of 2014.
Interior and exterior signage replacements at the new branches took place last weekend.
Berkshire acquired approximately $450 million in deposits and $4 million in loans as a result of the transaction. The bank now operates 91 branches throughout Massachusetts, Connecticut, New York and Vermont. It now has 46 full-service retail branches in New York state.
The former Bank of America New York branches are located in Amsterdam, Cairo, Chatham, Glens Falls, Greenville, Hudson, Ilion, Johnstown, Little Falls, New Hartford, New Lebanon, Queensbury, Utica, West Winfield and Whitesboro.
They are located in eight New York counties and are within or contiguous to markets that Berkshire Bank already services. The closest branches to the Berkshires are located in New Lebanon, N.Y. and Chatham, N.Y.
Customers with questions related to the acquisition may visit their local branch or go to www.berkshirebank.com/welcome-boa.
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