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.
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Many industries have been hit by inflation where it hurts the most, our pockets. Inflation is raising the price of goods and services including food, housing, transportation, and medical care.
“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
