Berkshire Bank Acquiring 20 Bank of America Branches
PITTSFIELD, Mass. — The county's largest bank is getting bigger with the addition of 20 retail bank branches in New York.
Berkshire Bank, a subsidiary of Berkshire Hills Bancorp. Inc., has entered into a purchase-and-assumption agreement for bank branches from Bank of America. The branches are located in New York markets within or contiguous to markets currently served by Berkshire.
The acquired branches have approximately $640 million in total deposits and $5 million in loans. Both banks will be working to ensure a seamless transition for customer accounts; employees will transfer over to Berkshire Bank.
This acquisition is subject to regulatory approval from the Federal Deposit Insurance Corp. and the commonwealth of Massachusetts and the satisfaction of customary closing conditions. The acquisition is expected to be completed in the first quarter of 2014.
According to Berkshire, the acquisition will increase its total branch count to 94, and its New York branches to 37. Berkshire has $5.2 billion in assets.
Berkshire CEO Michael Daly said in a statement that the "transaction meets our financial criteria and is expected to contribute to our long-term strategic and financial goals."
Jefferies LLC was financial adviser to Berkshire and Luse Gorman Pomerenk & Schick P.C. was outside legal counsel. A presentation with additional information about the deposit acquisition will be posted on Berkshire's Investor Relations website.
New Name, New Signs for Hoosac Bank
Our banking neighbor across the street has a new name and new look. The Hoosac Bank is now MountainOne, along with Williamstown Savings and South Coastal. MountainOne Financial Partners brought its three banks under one charter late last year. Customers shouldn't see much change in its operations, but the 140-year-old bank on Main Street in North Adams had its trim painted and new signs and awnings put up. It also changed out our go-to temperature gauge to reflect the new name. You can still see the historic Hoosac Savings name etched into the building's stone.
Greylock Federal Promotes Two Employees
PITTSFIELD, Mass. — Greylock Federal Credit Union announced the promotion of two employees, Bob Maxwell to vice president of marketing services for Greylock Marketing Group and Anthony "Tony" Hyte to assistant
vice president of branch development.
"I'm thrilled to be announcing the promotion of these two individuals," said Greylock President and CEO Marilyn L. Sperling. "Bob has an exceptional talent for developing comprehensive, effective marketing strategies to meet the individual needs of each client, and we are confident his customer-focused approach will lead to ongoing success for the agency and its customers.
"Tony has been a tremendous asset to Greylock since joining the team, and his promotion is a reflection of his dedication. Tony's wealth of knowledge and commitment to outstanding service has been invaluable."
Maxwell worked in marketing for Greylock Federal since 2004 and directed the activities of subsidiary Greylock Marketing Group since its formation in 2008. In his new role, Maxwell will continue to lead the expansion of the full-service advertising agency, overseeing the development and implementation of direct marketing programs for a diverse and ever-growing client base. A nine-time CUNA Diamond Marketing Award winner, Maxwell has earned a national reputation as an outstanding marketing professional and has more than 25 years of advertising and marketing experience. Maxwell holds a Bachelor of Science degree in Communications and Public Relations from the Millersville University of Pennsylvania. He resides in Lanesborough with his wife, Julianne, and serves as on the Board of Directors of Downtown Pittsfield, Inc.
Hyte has more than 18 years of financial banking experience and has managed Greylock's Elm Street branch since joining the credit union in 2011. The branch has seen significant growth in many areas including member loyalty under Hyte's leadership. In his new role, Hyte will provide support to the organization through service-focused initiatives which will enhance the overall member experience. Hyte was previously a branch manager at Pittsfield Cooperative Bank and worked at Landmark Credit Union in the Business Development and Compliance areas. Hyte is an alum of Massachusetts College of Liberal Arts and graduated from the New England School of Financial Studies at Babson. Hyte is president of the Board of Directors of United Cerebral Palsy Association of Berkshire County. He resides in Hinsdale with his wife, Leslie, and their two children, Brandon and Alea.
Berkshire Hills Bancorp Holds Annual Meeting
PITTSFIELD, Mass. (PRNewswire) — Berkshire Hills Bancorp Inc. (NYSE: BHLB) held its annual meeting of shareholders on Thursday, May 9, in Pittsfield.
Chairman, President and CEO Michael P. Daly summarized Berkshire's accomplishments in 2012. They included strong organic growth and team recruitment, along with the acquisitions of CBT and Beacon Federal. The year's initiatives produced improved profitability and resulted in a 29 percent increase in core earnings per share. Berkshire's 2012 stock returns exceeded 10 percent, and the quarterly cash dividend was increased by 6 percent, providing a yield of over 3 percent. Daly concluded with a summary of the encouraging prospects for Berkshire's further growth and development.
Shareholders approved all proposals which were presented at the meeting. These included:
The election of three existing directors to new three-year terms: John B. Davies; Rodney C. Dimock; and J. Williar Dunlaevy
The election of one new director to a three-year term: Laurie Norton Moffatt
Approval of the Berkshire Hills Bancorp Inc. 2013 Equity Incentive Plan
Approval of a non-binding proposal to give advisory approval of the company's executive compensation
Ratification of the selection of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal 2013
Berkshire Hills Bancorp is the parent of Berkshire Bank. The company has approximately $5.2 billion in assets and 73 full service branch offices in Massachusetts, New York, Connecticut and Vermont providing personal and business banking, insurance and wealth management services.
FORWARD LOOKING STATEMENTS
This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. Berkshire does not undertake any obligation to update forward-looking statements made in this document.
Adams Community Bank Promotes 3 Employees, Adds A Hire
ADAMS, Mass. — Adams Community Bank promoted three of its employees — Amy Giroux, Doreen Descoteau and Janice Adams. Additionally, Donna Halton was hired as senior vice president of commercial lending.
"I am happy to announce the promotion of these three individuals who are all strong contributors to the success of our bank," said Charles P. O'Brien, president and chief executive officer. "I am also very pleased that Donna has joined our team, bringing with her over 30 years of banking expertise."
As chief culture officer, Giroux will continue to be responsible for the processes that ties together the bank's strategies and critical drivers with sales, marketing and employee development.
"Amy has been instrumental in shaping the framework of our corporate sales culture and leading our service team in providing our customers with extraordinary service," O'Brien said. "In recognition of her work in these areas, the designation of chief culture officer has been added to her long standing SVP, Retail title."
Giroux is also the first vice president of the Northern Berkshire United Way and a member of the Adams Finance Committee. She and her husband Alan reside in Adams and they have two grown children.
As branch officer, Descoteau will be responsible for the day-to-day sales and operations, branch sales and new business development of the Williamstown branch. She resides in Clarksburg with her husband John and they have two grown children.
"We are very pleased that Doreen, with nearly 25 years banking experience, will be leading our team in Williamstown," said O’Brien. "She has come full circle, having started her banking career in this very location and to now return in a leadership role is a great accomplishment."
As network and systems officer, Adams will oversee the implementation and administration of computer and telecommunication networks for the bank. Adams is certified in information systems security from the University of Phoenix. She resides in Adams.
"We are also thrilled for Janice," O'Brien said, "Her advancement within the company is a clear demonstration of her work ethic, dedication, performance and initiative."
Prior to joining Adams Community Bank, Halton was a portfolio manager and commercial credit manager at Hoosac Bank and she was vice president and commercial loan oOfficer at Berkshire Bank. She and her husband Michael reside in North Adams and have two grown children.
"We are delighted to welcome Donna," said O'Brien. "She has a long and successful record meeting the needs of business customers throughout Berkshire County. Her knowledge in commercial lending will help us further meet the growing needs of business owners and commercial borrowers in our market."