PROVIDENCE – Boston-based Berkshire Hills Bancorp’s $180 million acquisition of Savings Institute Bank & Trust Co., including its Rhode Island operations, is expected to be finalized by the end of the year, pending regulatory approval.
In an April 18 letter to customers, leaders of the two banks said the united companies will operate under the Berkshire Bank name, terming it as a “merger agreement,” although it calls for Berkshire Hills to acquire Willimantic, Conn.-based Savings Institute in an all-stock transaction. The banks signed the agreement in December.
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“This merger will enable us to provide you with greater convenience and access to a broader array of financial solutions along with the level of service you deserve,” Savings Institute President and CEO Rheo Brouillard and Berkshire Bank CEO Richard Marotta wrote in the letter to customers. Under the agreement, Brouillard will be appointed to Berkshire’s board of directors.
“We value you as a Savings Institute customer, and we’re focusing on making sure the transition is as straight forward as possible,” they added. “In the near term, that means you’ll be able to continue banking as usual at the same branch locations and with the same team you’ve come to know and trust. Over the next several months, you’ll receive product and service updates, including a welcome packet designed to answer your questions.”
The companies announced in December that Berkshire Hills is acquiring Savings Institute, saying Berkshire’s total assets will increase to $13.6 billion, including the $1.6 billion in Savings Institute’s assets. The agreement will increase Berkshire’s market presence in eastern Connecticut to 18 branches, up from Berkshire’s nine existing Connecticut branches. It also will give Berkshire a presence in Rhode Island with the acquisition of Savings Institute’s five branches in the Ocean State.
“We anticipate finalizing the integrations of Savings Institute into Berkshire Bank by the end of the year,” the two CEOs wrote recently. “Once complete, you’ll be able to enjoy access to additional solutions such as private banking, insurance, investments, wealth management, and an expanded branch and ATM network across Connecticut, Rhode Island, Massachusetts, New York, New Jersey, Pennsylvania, and Vermont.”
Scott Blake is PBN staff writer. Email him at Blake@PBN.com.
