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      

Support Local News

We show up at hurricanes, budget meetings, high school games, accidents, fires and community events. We show up at celebrations and tragedies and everything in between. We show up so our readers can learn about pivotal events that affect their communities and their lives.

How important is local news to you? You can support independent, unbiased journalism and help iBerkshires grow for as a little as the cost of a cup of coffee a week.

News Headlines
SteepleCats Drop Another At Home
Active Summer of Major Tournaments for Pittsfield Girls Softball
Adams Town Meeting to Decide Budget, Town Adminstrator Spending
Pittsfield Warns of Increased Tickborne Illnesses
Coutts And Ortiz Lift SteepleCats Over Swamp Bats
Bellevue Cemetery Vandal May Be Groundhog
Baseball Exhibit Brings Cultural, Historical Threads Together
SteepleCats Claw Out Of Early Hole To Defeat Mainers
North Adams Elks, Veterans Office Host Picnic for Veterans
Teachers' Union to Mount Greylock: Honor Existing Contracts

 


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:
State Talkberkshires Small Business Baldwin Excelsior Auction Great Barrington Adams Qualprint Sales Tax Flood Walmart Unemployment Wmeco Unemployment Store Opening Berkshire Chamber Of Commerce Expansion Statistics Merger Statistics Gas Prices Currency Bj's Berkshire Enterprises Crane & Co. Social Media North Adams Jobs Sabic Pittsfield Berkshire Living Williamstown Breakfast Berkshire Creative
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
New Dog Training Center Open in North Adams
White Hart Inn For Sale for $5M
Carbone Dealership Empties Lot
Real Estate Panel to Tour S. County, Pittsfield Sites
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