Regulatory Approvals Received for Berkshire and Brookline Merger
The merger between Berkshire Hills Bancorp, Inc. and Brookline Bancorp, Inc. has successfully cleared all necessary regulatory approvals, marking a significant step towards forming Beacon Financial Corporation. Both banks aim to enhance their services and expand their presence by combining resources and expertise.
Merger Timeline and Integration Plans
Closing Date Expectations
The anticipated merger closing is projected for September 1, 2025, contingent upon satisfying the remaining customary closing conditions. Once finalized, Beacon Financial Corporation will emerge as a robust $24 billion regional banking entity.
Client Service Continuity
Until the banking systems integration concludes in 2026, clients will still access their banking services at Berkshire Bank, Brookline Bank, Bank Rhode Island, and PCSB Bank offices. These institutions will operate as divisions of Beacon Bank & Trust.
Details Behind Regulatory Approvals
The approval process encompassed evaluations from multiple authorities, including the Federal Reserve System, the Massachusetts Division of Banks, the New York State Department of Financial Services, and the Rhode Island Department of Business Regulation. Additionally, shareholders from both Berkshire and Brookline supported all merger proposals during their meetings held earlier in 2025.
Statements from Bank Leadership
Commitment to Collaboration
Paul A. Perrault, the Chairman and CEO of Brookline Bancorp, expressed enthusiasm regarding the regulatory outcomes: "This approval illustrates our commitment to joining forces with a strong organization. Linked through cooperation for months, our teams are now set for successful integration and can fully leverage this new business combination."
Strategic Advantages
David M. Brunelle, the Chairperson of Berkshire, commented on the operational benefits: "The merger enhances operational efficiency, positioning us to provide superior service to our clients, employees, shareholders, and the communities we support."
Brand Transition to Beacon Financial Corporation
Post-merger, the combined entity will be rebranded as Beacon Financial Corporation, with its common shares traded under the symbol "BBT" on the NYSE. Clients will initially continue utilizing services through their respective banks, but updates such as new branding and system integration will gradually take place throughout 2026.
Media and Investor Relations
For media inquiries related to Berkshire Hills Bancorp, please contact Gary R. Levante, Chief Communication & Sustainability Officer, at 413.447.1737 or via email at glevante@berkshirebank.com. For investor relations, Kevin Conn, Senior Managing Director of Investor Relations, can be reached at 617.641.9206 or at kaconn@berkshirebank.com.
Alternatively, contact Brookline Bancorp's Chief Financial and Strategy Officer, Carl M. Carlson, at 617.425.5331. For media inquiries at Brookline, reach out to Peter Roveto, SVP and Director of Marketing, at 617.730.3500 or at Peter.Roveto@BRKL.com.
About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc., trading under the ticker BHLB, functions as the parent company of Berkshire Bank. This institution is community-oriented and dedicated to offering extensive financial services across New England and New York, currently managing assets worth approximately $12.0 billion across 83 branches.
About Brookline Bancorp
Brookline Bancorp, Inc., with $11.6 billion in assets, serves as a bank holding company with branches throughout Massachusetts, Rhode Island, and portions of New York State. The company offers an array of commercial and retail banking services, solidifying its commitment to customers in those regions.
Frequently Asked Questions
What is the purpose of the merger between Berkshire and Brookline?
The merger aims to form a stronger financial institution, Beacon Financial Corporation, enhancing service offerings and expanding market presence.
When is the expected closing date for the merger?
The merger is anticipated to close on September 1, 2025, dependent on meeting customary conditions.
What services will clients continue to use after the merger?
Clients will continue using the services of their respective banks until a full systems integration is completed in 2026.
What is the new name for the combined company?
After the merger, the combined entity will be named Beacon Financial Corporation.
How can clients reach customer service after the merger?
Clients will still contact their existing banks' representatives, who will assist them in a seamless transition as the brands evolve into Beacon Bank.
