Merging for Strength: Berkshire and Brookline Unite as Beacon
Introduction to the Merger of Equals
Berkshire Hills Bancorp, Inc. (BHLB), the parent company of Berkshire Bank, and Brookline Bancorp, Inc. (BRKL), the parent company of Brookline Bank, recently announced an exciting merger that will lead to the creation of Beacon Financial Corporation and Beacon Bank. This merger signifies a strategic move to strengthen their financial services while remaining listed under a new ticker symbol on the New York Stock Exchange.
The New Brand Identity
The new entity will be known as Beacon Bank & Trust, informally referred to as Beacon Bank. The choice of 'Beacon' reflects the institutions' commitment to guiding their customers toward financial success, embodying values of stability and support. A thoughtfully designed logo will merge elements from both legacy banks, symbolizing collaboration and a forward-looking vision.
Design and Symbolism
The logo represents a stylized letter 'B', showcasing the merged identities of Berkshire and Brookline. It incorporates a blend of navy and gold, paying homage to the historical colors of each institution while modernizing their aesthetic. This branding was approved unanimously by both Boards of Directors, marking a shared commitment to their future.
Leadership Insights
Under this merger, Paul A. Perrault, currently the Chairman and CEO of Brookline Bancorp, will assume the role of CEO for the newly formed Beacon Bank. He expressed a strong belief that the merger will produce an influential financial institution with a significant local presence and dedicated service to its employees and clients.
Commitment to Community
Perrault emphasized the importance of being a reliable resource for clients, stating that the Beacon Bank name reflects their desire to instill clarity and confidence in financial decision-making, helping clients achieve their goals.
Preserving Legacy while Stepping into the Future
David M. Brunelle, Chairperson of Berkshire Hills Bancorp, remarked on the merger's significance, indicating that the new name pays respect to both institutions' histories while heralding a future of growth and opportunity. Despite the new branding, both Berkshire and Brookline will continue to operate under their established names for a time, ensuring a smooth transition for clients.
Transition and Integration Plans
Clients can expect to gradually see the new branding on their banking statements and online platforms as the integration of systems is set to take place in the first quarter of 2026, ensuring minimal disruption during the process.
About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc. (BHLB) is a community-focused financial institution with assets totaling approximately $12.0 billion. With a commitment to delivering top-notch banking solutions, Berkshire Bank has served clients across New England and New York for over 175 years. They are recognized as one of America's Most Trusted Companies by Newsweek, which underscores their focus on client relationships and reliability.
About Brookline Bancorp
Brookline Bancorp, Inc. (BRKL) serves as the holding company for multiple banks, including Brookline Bank, Bank Rhode Island, and PCSB Bank. With around $11.6 billion in assets and held headquartered in Boston, Brookline Bancorp offers a rich array of retail and commercial banking services, continuing a legacy of trust and exemplary service in the banking industry.
Frequently Asked Questions
What is the name of the new merged entity?
The new merged entity will be named Beacon Financial Corporation, and the bank will be referred to as Beacon Bank.
What will the new ticker symbol be?
The combined entity will have a new ticker symbol of BBT when it begins trading on the New York Stock Exchange.
Who will lead the new organization?
Paul A. Perrault will serve as the CEO of the new combined company, bringing extensive leadership experience to his role.
When is the expected completion of the merger?
The completion of the merger is anticipated in the third quarter of 2025, pending regulatory approvals and closing conditions.
Will the local banks continue to operate under their existing names?
Yes, after the merger, existing brands like Berkshire Bank and Brookline Bank will continue operating until a full transition is completed.
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