BOSTONÃ‚Â Ã¢â‚¬â€ Berkshire Hills Bancorp Inc. introduced Friday that it had accomplished the acquisition of SI Monetary Group Inc. and the merger of the Willimantic-based Financial savings Institute and Belief Firm into Berkshire Financial institution.
The Financial savings Institute’s department community consists of places of work in Pawcatuck, Westerly, and Wakefield
“We’re excited to welcome Financial savings Institute’s prospects, staff and shareholders to the Berkshire household,” mentioned CEO Richard Marotta. “The Financial savings Institute workforce has been receptive and labored cohesively with our groups as we moved in direction of closing. We look ahead to persevering with our work with our new colleagues as we carry our full suite of merchandise and expanded assets to their markets. Our subsequent steps embrace finishing the mixing of Financial savings Institute following the deliberate methods conversion in October.”
Berkshire mentioned it had issued about 5.7 million frequent shares, valued at about $176 million, as merger consideration within the stock-for-stock change detailed within the merger settlement. Together with the brand new shares issued, Berkshire’s excellent frequent inventory has elevated to roughly 51.2 million shares, leading to a market capitalization of $1.6 billion.
With the acquisition, Berkshire is including 18 branches in Jap Connecticut and 5 in Rhode Island. The corporate mentioned that the merger provides $1.7 billion in belongings and $1.three billion in low price deposits.
Berkshire Hills Bancorp is the mum or dad of Berkshire Financial institution, a regional financial institution headquartered in Boston. The corporate operates in seven Northeastern states, with $13.9 billion in belongings and 132 banking places of work.