PITTSFIELD — The sale of eight Berkshire Bank branches in New Jersey and Pennsylvania to Investors Bancorp moved one step closer to completion Monday when the transaction was approved by the Federal Deposit Insurance Corporation. The acquisition, first announced in December, is expected to be completed Aug. 27, subject to the satisfaction of customary closing conditions.
New Jersey-based Investors Bancorp will acquire $633 million of deposits and $523 million of consumer and commercial loans from the eight branches which are all located in the Philadelphia area. Berkshire Bank’s holding company had acquired the eight branches in 2016.
Last week, Citizens Financial Group of Rhode Island announced that it would acquire all the outstanding shares of Investors Bancorp for a combination of stock and cash. Citizens Financial Group is the holding company for Citizens Bank, which operates Berkshire County branches in North Adams and Pittsfield.