, Oct. 19, 2012 /PRNewswire/ --
Berkshire Hills Bancorp, Inc.
(Nasdaq: BHLB) today completed its acquisition of Beacon Federal Bancorp, Inc., a nearly
bank with seven offices headquartered in
, New York. Berkshire Hills is the parent of
America's Most Exciting Bank(SM
). Beacon Federal has been merged into Berkshire Bank.
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
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
will include approximately
in cash and 2.7 million shares of BHLB common stock. A cash/stock election among Beacon shareholders will be concluded as of
today, October 19.
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,
will have assets totaling approximately
, with a total of
(excluding two Beacon Tennessee branches which are intended to be divested).
's outstanding shares will total approximately 25 million shares, resulting in a market capitalization exceeding
. The cash consideration for the Beacon closing was primarily financed with proceeds from
in subordinated debt which was invested in
by institutional investors on
September 28, 2012