Friday, March 27, 2015 04:10am
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.



Tags: merger      
News Headlines
Williamstown Election Lines Fill Up
Adams Focuses On New Economic Development Strategies
Williamstown's Colonial Pizza Has New Owner With Old Ties
Pittsfield Opens Third Community Center In Public House Complex
Pittsfield Rolling Out Final North St. Reconstruction; Parking Management
Historical Commission OKs Lighting For Heritage Park
North Adams License Board OKs Name Transfer, Beer Tent for Zumba
Pittsfield Council Questions Use Of Cold Patch For Pothole Repairs
White Label WordPress Agency Marks 2 Years
Lanesborough-Williamstown Superintendent Choice 'Pleased' to Negotiate

 


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 (8)
medical (4)
networking (33)
new (22)
pricing (1)
projects (2)
promotion (6)
publishing (12)
radio (2)
real estate (8)
retail (29)
technology (13)
training (5)
transportation (1)
volunteer (1)
website (2)
wholesale (7)
workshops (6)
Archives:
September 2014 (1)
August 2014 (1)
Tags:
Store Opening Gas Prices Berkshire Living North Adams Sabic Small Business Unemployment Excelsior Bj's Williamstown Adams Great Barrington Statistics Wmeco Crane & Co. Berkshire Chamber Breakfast Pittsfield Walmart Berkshire Creative Pine Cone Hill Jobs Unemployment Merger Berkshire Chamber Of Commerce Statistics Currency Talkberkshires Baldwin State Auction Qualprint Expansion Flood Berkshire Enterprises
Popular Entries:
Berkshire Jobless Rates Drop
Bay State Continues to Add Jobs
Excelsior Brings Greeting Card Co. To North Adams
New Dog Training Center Open in North Adams
Covanta's Pittsfield Facility Gets High Marks from OSHA
White Hart Inn For Sale for $5M
Adams Co-Op, South Adams Bank Merger Approved
Williamstown Chamber Seeks Input on Future Role
Storey Publishing to Host Next Creative Challenge
Aladco Installs New 'Green' Washing Machine
Recent Entries:
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
North Adams Big Y Celebrates Renovations


View All
Hoosac Valley Does 'Grease'
The Hoosac Valley High School drama team is producing the...
North Adams Chamber @River...
The North Adams Chamber of Commerce held its monthly mixer...
Birds of Prey
Julie Anne Collier of
Berkshire Chamber Nite @ UP
The Berkshire Chamber of Commerce held its monthly...
Pitt House Series at Dottie's
The first in the Pitt House Concert Series was a sold out...
Berkshire Awards 2015
Lila Berle, Churchill Cotton and Mary Rentz were honored on...
BYP Networking at AIER
The Berkshire Young Professionals gathered at the American...
Berkshire Art Fellowship Show
The 12 Berkshire Art Association College Fellows for 2015...
Hoosac Boys Lose to Old...
The Bulldogs scored the next six points and later used a...
Hoosac Girls Drop State Final...
The Hoosac Valley girls basketball team ended its season...
Massachusetts Region I High...
Near 80 students from throughout the region met in the...
Mt. Greylock SEE Fund
Williamstown's community access television station,...
2OT, Sends Hoosac to State...
Jameson Coughlan scored on a baseline inbounds play from...
HV Win State Semi-Final
Last season, with 1 min., 30 sec. to go Bellingham was down...
Hoosac Girls to Western Mass...
On Saturday afternoon, it had a chance to hang one more...
Hoosac Edge Wahconah in...
The ball bounced out, however, securing a 48-46 victory for...
Hoosac Valley Does 'Grease'
The Hoosac Valley High School drama team is producing the...
North Adams Chamber @River...
The North Adams Chamber of Commerce held its monthly mixer...
Birds of Prey
Julie Anne Collier of
Berkshire Chamber Nite @ UP
The Berkshire Chamber of Commerce held its monthly...
Pitt House Series at Dottie's
The first in the Pitt House Concert Series was a sold out...
| 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