DeWITT — Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) has completed its acquisition of DeWitt–based Beacon Federal Bancorp, Inc. (NASDAQ: BFED).
Beacon Federal has about $1 billion in assets and seven branches in DeWitt, East Syracuse, Marcy, and Rome, as well as Smartt, Tenn., Smyrna, Tenn., and Chelmsford, Mass. Berkshire Hills, based in Pittsfield, Mass., now has assets of 5.5 billion and 73 branches serving Massachusetts, New York, Connecticut, and Vermont.
Berkshire Hills plans to divest Beacon Federal’s Tennessee branches. Berkshire Hills first entered the Central New York market in 2011 with its acquisition of Rome Savings Bank.
(Sponsored)
4 Steps in IT Offboarding to Protect Data & Minimize Risk
When employees are laid off or let go, the conversation of technology offboarding can be an uncomfortable one. However, cybersecurity and data protection must be a priority. This can alleviate
How Do Value Conclusions and Value Calculations Differ?
The value of a business is relevant in a wide variety of legal contexts, including divorces, shareholder disputes, mergers, bankruptcy and tax planning. Nevertheless, not every so-called “valuation” service is
“We now have a total of 10 offices serving the Syracuse-Rome-Utica area,” Berkshire CEO Michael Daly said in a news release. “We are introducing our increased lending resources and additional products and services to our new customers, together with our resources to serve our communities. We welcome our new shareholders from Beacon and we are confident that this partnership will benefit existing and new shareholders.”
Berkshire first announced the $132 million deal in May.
Contact Tampone at ktampone@cnybj.com
