Home About Archives RSS Feed

Berkshire, Legacy Consolidating

Staff Reports

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.

0 Comments
Tags: merger      
News Headlines
Cats Win Wild One with Walk-Off
Housing Organization Transfers Bracewell Property to Louison House
Habitat for Humanity Asks to Develop Williamstown-Owned Parcels
NEA Chairman Sees, Hears About Pittsfield's Cultural Renaissance
'The Mastheads' Inaugural Writers' Residency Launches in July
Review: 'Ragtime' at Barrington Stage Company A Relevent, Beautiful Musical
Berkshires Beat: Berkshire County Arc's 23rd Annual Golf Classic Raises $43,000
Special Election Set to Fill Late Rep. Cariddi's Seat
DownStreet Art Ready to Kick Off Its 10th Season
BCC Announces Spring Semester Dean's List

 


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 (5)
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 (3)
manufacturing (9)
media (8)
medical (4)
networking (33)
new (22)
pricing (1)
projects (2)
promotion (6)
publishing (13)
radio (2)
real estate (8)
retail (29)
technology (13)
training (5)
transportation (1)
volunteer (1)
website (2)
wholesale (7)
workshops (6)
Archives:
Tags:
Currency Walmart Bj's Wmeco Statistics Merger Qualprint Berkshire Chamber Of Commerce Pittsfield Sales Tax State Great Barrington Store Opening Expansion Excelsior Talkberkshires Statistics Small Business Sabic Williamstown Jobs Breakfast Adams Flood Berkshire Creative Auction Unemployment Crane & Co. Berkshire Enterprises Unemployment Berkshire Living Baldwin Gas Prices North Adams Social Media
Popular Entries:
Berkshire Jobless Rates Drop
Bay State Continues to Add Jobs
Excelsior Brings Greeting Card Co. To North Adams
Williamstown Chamber Seeks Input on Future Role
White Hart Inn For Sale for $5M
Aladco Installs New 'Green' Washing Machine
Storey Publishing to Host Next Creative Challenge
New Dog Training Center Open in North Adams
Covanta's Pittsfield Facility Gets High Marks from OSHA
Carbone Dealership Empties Lot
Recent Entries:
Biz Briefs: Mr. Tire, Tax Holiday, Business Directory
Berkshire Eagle Parent Mulling Newspaper Sales
Digitial First Puts Vermont News Buildings on the Market
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