BOSTON – Sixteen regional branches of Berkshire Bank are on the chopping block, though plans to open a commercial lending office in Providence are still moving forward.
Berkshire Hills Bancorp., the parent company for the Boston-based bank, announced regional branch closures in a statement on Dec. 2. Another eight branches in New Jersey and Pennsylvania will be sold to New Jersey-based lender Investors Bank. The sale and closure will reduce the bank’s total footprint by 18%, leaving 106 branches operating across Massachusetts, Connecticut, Rhode Island, Vermont and New York by the first half of 2021, the company stated.
Two of the branches slated to close are are in Western Massachusetts, three are in Connecticut and one is in New York. Locations of the other 10 branches to close have not been disclosed.
Acting CEO Sean Gray in a statement explained the closures and sales as a way to improve profitability while acknowledging customers’ increasing preference for and use of digital banking.
Despite the increased emphasis on digital banking, the company is forging ahead with previously announced plans to open a new commercial banking office in Providence in 2021.
The bank operates five other branches in Rhode Island it took over through acquisition of Savings Institute & Trust Co. in 2019.
Other regional banks have recently announced closures of brick and mortar locations, including Webster Bank, which will shutter 27 locations in the spring, and Citizens Bank, which will close 40 Stop & Shop branches across Massachusetts and Rhode Island.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
