Thursday, April 17, 2014 11:26am
North Adams, MA now: 36 °   
Send news, tips, press releases and questions to info@iBerkshires.com
The Berkshires online guide to events, news and Berkshire County community information.
SIGN IN | REGISTER NOW   

Home About Archives RSS Feed
Follow iBWatercooler on Twitter
Berkshire, Legacy Consolidating
By: Staff Reports On: 12:09AM / Wednesday December 22, 2010
Important
0
Interesting
0
Funny
0
Awesome
0
Infuriating
0
Ridiculous
0

The latest round of consolidation in region's banking industry will see two of the largest teaming up.

The Berkshire Eagle is reporting that Berkshire Bank will buy Legacy Banks for $108 million, creating the biggest regional financial institution with more than $4 billion in assets. The Berkshire Bank name will remain (with Legacy added to it in the Berkshires) and Michael P. Daley will remain president and CEO. Legacy Banks President Patrick J. Sullivan will join the executive team.

Both financial institutions date back more than 150 years.

Employees were informed on Tuesday of the merger, which is expected to trim more than 40 of the two banks' 850 workers. Together, the banks have 66 branches in three states.

The merger is to be completed by June 2011. Sullivan told The Eagle that "it was no secret" Legacy had been losing money and talks between the publicly traded banks had been ongoing for several months. Berkshire Bank's acquisition of Legacy was described as a long-term, strategic move that will benefit shareholders and customers.

Customers should not see much of a change, said bank officials.



0Comments
Tags: merger      
News Headlines
Area Responders Tested on Emergency Preparedness
MCLA Christens New Veterans Resource Center
Historic Cheshire House To Be Leveled for Dollar General
Mount Greylock Enrollment Question Still at Issue
Mass MoCA Extending Hours for Packed 15th Season
PEDA Still Hopeful for Rail Project
North Adams Happenings April 16-22
Berkshire Health Systems Closing In On Deal To Acquire NBH
Edith Wharton Writing Competition Winners Announced
Volunteers needed for the Y's Tie Dye Dash

 


Bill Schmick separates the bull from the bears in his weekly columns on investing and market wrap-ups.



Categories:
advertising (10)
agriculture (1)
arts (7)
automotive (4)
awards (16)
banking (41)
Beacon (1)
broadband (1)
business (52)
chamber (25)
closing (5)
development (23)
dining (5)
domestic animals (2)
energy (6)
entertainment (2)
federal (4)
finances (5)
food (5)
fundraiser (3)
green (2)
grocery (5)
hospitality/hotel (5)
housing (0)
insurance (3)
investment (6)
jobs (35)
labor (17)
laws (4)
Legislature (2)
manufacturing (9)
media (6)
medical (4)
networking (33)
new (22)
pricing (1)
projects (2)
promotion (6)
publishing (12)
radio (2)
real estate (7)
retail (29)
technology (13)
training (5)
transportation (1)
volunteer (1)
website (2)
wholesale (7)
workshops (6)
Archives:
March 2014 (2)
January 2014 (1)
December 2013 (2)
November 2013 (3)
September 2013 (1)
August 2013 (1)
July 2013 (4)
June 2013 (1)
May 2013 (4)
April 2013 (2)
Tags:
Statistics Flood Bj's Unemployment Auction Great Barrington Statistics Sabic Talkberkshires Walmart Expansion Qualprint Wmeco State North Adams Social Media Berkshire Enterprises Small Business Store Opening Merger Pittsfield Berkshire Living Berkshire Chamber Of Commerce Berkshire Chamber Adams Unemployment Jobs Baldwin Williamstown Currency Crane & Co. Gas Prices Excelsior Breakfast Berkshire Creative
Popular Entries:
Bay State Continues to Add Jobs
Berkshire Jobless Rates Drop
Adams Co-Op, South Adams Bank Merger Approved
White Hart Inn For Sale for $5M
New Dog Training Center Open in North Adams
Covanta's Pittsfield Facility Gets High Marks from OSHA
Excelsior Brings Greeting Card Co. To North Adams
Simmons Expanding Into Customized Lines
Real Estate Panel to Tour S. County, Pittsfield Sites
New Simmons Store Creates Allendale Alliance
Recent Entries:
Berkshire Chamber, Neal Hosting Facebook for Business Workshop
Winstanley Wins Big at Annual ADDY Awards
Eggs & Issues Event Focuses on Rail Cars, Development
State Unemployement Rate Drops Slightly
New Biotech Firm Setting Up in Pittsfield
Crane Museum Opens Retail Store
License Commission Approves River Street Package Move
North Adams Big Y Celebrates Renovations
House Repeals 'Tech Tax'
Sleepy's Closes in North Adams


View All
Softball: Lee vs Hoosac
4-14-14 Kassandra Kazimierczak went 2-for-4 with a double...
Baseball: MG vs Hoosac
4-11-14 Dan Flynn's suicide squeeze with the bases loaded...
Softball: MG vs McCann
4-11-14 Mount Greylock and McCann Tech played an atypical...
Sullivan School CPR Class
Seventh-graders at Sullivan School in North Adams learned...
Lacrosse: Mounties vs. Hoosac
Mounties overwhelmed Hoosac Valley on Wednesday 14-1....
North Adams Furnace St. Fire
Firefighters contained a top floor apartment blaze on...
Berkshire Chamber Career Fair...
More than 50 employers connected with job seekers at...
Lacrosse: MG vs St. Joe
Mount Greylock boys lacrosse team won 17-4 St. Joseph at...
Softball: MG vs Drury
4-8-14 Mount Greylock softball claimed a 7-2 victory over...
Wahconah High School Musical...
Wahconah Regional High School is putting on the 1930...
Drury Coach Marceau Benefit
Friends and supporters filled the Eagles Hall on Friday...
Lenox High International Fair
Lenox Memorial Middle and High School students got to...
Slice of Life Pizza 2014
Moments House's annual Slice of Life fundraiser that pits...
North Adams Hospital Closes
Union members and supporters of North Adams Regional...
2014 Berkshire Awards
The Berkshire Awards ceremony was held on Friday night at...
Chamber Night At Moments...
The Berkshire Chamber of Commerce visited the new Moments...
Softball: Lee vs Hoosac
4-14-14 Kassandra Kazimierczak went 2-for-4 with a double...
Baseball: MG vs Hoosac
4-11-14 Dan Flynn's suicide squeeze with the bases loaded...
Softball: MG vs McCann
4-11-14 Mount Greylock and McCann Tech played an atypical...
Sullivan School CPR Class
Seventh-graders at Sullivan School in North Adams learned...
Lacrosse: Mounties vs. Hoosac
Mounties overwhelmed Hoosac Valley on Wednesday 14-1....
| Home | A & E | Business | Community News | Dining | Real Estate | Schools | Sports & Outdoors | Berkshires Weather | Weddings
Advertise | Recommend This Page | Help Contact Us | Privacy Policy| User Agreement
iBerkshires.com is owned and operated by: Boxcar Media 102 Main Street, North Adams, MA 01247 -- T. 413-663-3384 F.413-664-4251
© 2000 Boxcar Media LLC - All rights reserved