Home About Archives RSS Feed

Berkshire, Legacy Consolidating

Staff Reports
image description
Denim Depot will offer low-priced denim products, including jeans, jackets and handbags.
image description
Store owner Tom Quinton poses as the front desk.

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
North Adams Airport to Use Vacant Doctors Building
Cheshire Sets Tax Rate at $13.06 for Fiscal 2018
Democratic House Candidates Sound Similar Themes at Williamstown Forum
Williams Cross Country Meet Saturday at Mount Greylock, Off-Site Parking Available
MCLA Women's Tennis Falls to Russell Sage
Getting Your Snow Thrower Ready For Winter
North Adams Ambulance, Village Ambulance Plan Merger
Clarksburg School Project Goes to Vote Next Week
Adams Wastewater Plant Getting Clogged Up With 'Flushables'
Williamstown Fire District Sets Date for Special Meeting on Land Purchase

 


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:
Auction Pittsfield Walmart Wmeco North Adams Sabic Breakfast Berkshire Living Sales Tax Currency Talkberkshires Jobs Store Opening State Adams Merger Unemployment Expansion Great Barrington Crane & Co. Small Business Social Media Unemployment Bj's Statistics Excelsior Berkshire Chamber Of Commerce Gas Prices Statistics Berkshire Enterprises Williamstown Berkshire Creative Qualprint Flood Baldwin
Popular Entries:
Excelsior Brings Greeting Card Co. To North Adams
Berkshire Jobless Rates Drop
Bay State Continues to Add Jobs
Williamstown Chamber Seeks Input on Future Role
Aladco Installs New 'Green' Washing Machine
Storey Publishing to Host Next Creative Challenge
White Hart Inn For Sale for $5M
New Dog Training Center Open in North Adams
Carbone Dealership Empties Lot
Covanta's Pittsfield Facility Gets High Marks from OSHA
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