This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Berkshire Hills Completes Beacon Acquisition

PITTSFIELD, Mass., Oct. 19, 2012 /PRNewswire/ --  Berkshire Hills Bancorp, Inc. (Nasdaq: BHLB) today completed its acquisition of Beacon Federal Bancorp, Inc., a nearly $1.0 billion bank with seven offices headquartered in East Syracuse, New York.  Berkshire Hills is the parent of Berkshire Bank, America's Most Exciting Bank(SM).  Beacon Federal has been merged into Berkshire Bank.

(Logo: http://photos.prnewswire.com/prnh/20120131/NE44966LOGO )

Berkshire CEO Michael P. Daly stated, "We are pleased to expand our Central New York presence in this partnership with Beacon.  We now have a total of ten offices serving the Syracuse/ Rome/ Utica area.  We have been working closely with the Beacon team to prepare for this merger, and I am delighted with their customer service orientation and eagerness to be part of our team at America's Most Exciting Bank(SM).  We are introducing our increased lending resources and additional products and services to our new customers, together with our resources to serve our communities.  We welcome our new shareholders from Beacon and we are confident that this partnership will benefit existing and new shareholders."

The total common stock consideration paid by Berkshire will include approximately $60 million in cash and 2.7 million shares of BHLB common stock.  A cash/stock election among Beacon shareholders will be concluded as of 5:00 p.m. today, October 19.  Berkshire plans to report election results and the distribution of consideration within a week of the election deadline in accordance with the merger agreement.   

With the completion of this merger, Berkshire will have assets totaling approximately $5.5 billion, with a total of 73 branches serving Massachusetts, New York, Connecticut, and Vermont (excluding two Beacon Tennessee branches which are intended to be divested).  Berkshire's outstanding shares will total approximately 25 million shares, resulting in a market capitalization exceeding $550 million.  The cash consideration for the Beacon closing was primarily financed with proceeds from $75 million in subordinated debt which was invested in Berkshire by institutional investors on September 28, 2012.

BACKGROUND

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs