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.
(Sponsored)
Close the Skills Gap: Build Your Workforce with MACNY Registered Apprenticeship Program
In today’s competitive labor market, finding qualified candidates through traditional hiring methods has never been more challenging. As industries evolve and workforce demands shift, employers are facing a growing skills
Ask the Expert: Protecting Investment Property Owners
When you think of construction or subcontracting, the first images that come to mind are hard hats, cranes, and crews on the job site. But for investment property owners, the
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
