Berkshire and Brookline Merger Clears Regulatory Hurdles
Berkshire Hills Bancorp and Brookline Bancorp Take Major Steps Forward with Merger
In an exciting development for both Berkshire Hills Bancorp and Brookline Bancorp, they have successfully navigated the regulatory landscape, receiving all crucial approvals needed for their merger. This marks a significant milestone in the formation of the new entity, Beacon Financial Corporation.
Anticipated Closure and Future Plans
The merger is projected to close on September 1, 2025, contingent on meeting customary closing conditions. Once finalized, the two banks will emerge as a formidable $24 billion regional banking franchise dedicated to serving the Northeast. With over 145 branch offices under their banner and a rich history of community service, this merger is set to enhance the customer experience significantly.
Ongoing Customer Service through Transitions
During the transition period, customers will continue receiving services through local branches of Berkshire Bank, Brookline Bank, Bank Rhode Island, and PCSB Bank as they operate as divisions under the new brand, Beacon Bank & Trust. As integration efforts begin, clients can expect updates, including a fresh look to their banking statements and digital platforms, leading up to a full transition to the Beacon brand by 2026.
Regulatory Approvals Received
The successful acquisition of regulatory approval is a collaborative achievement between the Berkshire and Brookline teams, as noted by their leadership. Notably, approvals were granted by several regulatory bodies, including the Board of Governors of the Federal Reserve System, the Massachusetts Division of Banks, New York State's Department of Financial Services, and the Rhode Island Department of Business Regulation.
Statements from Company Leaders
Paul A. Perrault, Chairman and CEO of Brookline, expressed optimism about the merger, emphasizing the readiness of both institutions for seamless integration: "We're pleased to have received all regulatory approvals as scheduled to bring together two strong organizations. By leveraging our complementary strengths, we can realize the full potential of this combination." David M. Brunelle, Chairperson of Berkshire, also shared his excitement, stating that the operational synergy resulting from this merger will further enhance service delivery.
The New Beacon Financial Corporation
After the merger, the newly formed company will adopt the name Beacon Financial Corporation and will be listed on the NYSE as "BBT." This new corporate identity symbolizes a unified commitment to delivering exceptional banking solutions tailored to the needs of their diverse clientele.
Investments in Community and Client Services
Both Berkshire and Brookline have a legacy of providing high-quality banking services to their communities. The combined organization will build on this foundation, continuing to support local economies and reinforce their roles as trusted banking partners in the regions they serve.
About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc. (NYSE: BHLB), is revered for its community-focused approach, providing bank services that enhance financial well-being. With $12.0 billion in assets and 83 branches, Berkshire Bank prides itself on offering tailored solutions across multiple financial sectors, including commercial and retail banking, wealth management, and more.
About Brookline Bancorp
Brookline Bancorp, Inc., managing $11.6 billion in assets and operating across Massachusetts, Rhode Island, and New York, focuses on both commercial and retail banking. Its suite of services aims to meet diverse client needs by prioritizing customer relationships and innovative cash management solutions.
Frequently Asked Questions
What is the main outcome of the merger between Berkshire and Brookline Bancorp?
The main outcome is the establishment of Beacon Financial Corporation, which will enhance banking services across the Northeast.
What regulatory approvals were necessary for the merger?
Approvals were obtained from the Federal Reserve System, the Massachusetts Division of Banks, New York State's Department of Financial Services, and the Rhode Island Department of Business Regulation.
When is the merger expected to close?
The merger is anticipated to close on September 1, 2025, pending satisfaction of customary closing conditions.
What services will clients continue to receive during the transition?
Clients will continue to utilize services through their respective branches of Berkshire Bank, Brookline Bank, Bank Rhode Island, and PCSB Bank as divisions of Beacon Bank & Trust.
Will the combined company have a new name?
Yes, the merged entity will be known as Beacon Financial Corporation and will trade on the NYSE under the ticker symbol "BBT."
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