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.

Tags: merger      
News Headlines
Gilbane, City Settle On 'Guaranteed Maximum Price' For Taconic Construction
North Adams City Council Approves Funds Toward Church Repair
Alcombright Hopes to Share Trendsetter Award With Community
Pittsfield Fire Now Carrying Narcan
Adams-Cheshire District to Creating Plan to Increase Test Scores
Pittsfield Licensing Board Considering New Processing Fees
Commission Listens to Grandparents Raising Grandchildren
Middle East Refugee Plan Outlined to Overflow Pittsfield Crowd
Community Health Programs Names Chief Medical Officer for 20,000
MCLA's Feigenbaum Center for Science and Innovation Receives LEED Gold Certification

 


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