Wednesday, January 28, 2015 07:16pm
North Adams, MA now: 14 °   
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 Hills Acquires Connecticut Bank
Staff Reports On: 01:45PM / Wednesday October 26, 2011
Important
0
Interesting
0
Funny
0
Awesome
0
Infuriating
0
Ridiculous
0
PITTSFIELD, Mass. — Berkshire Hills Bancorp Inc. is acquiring Connecticut Bank & Trust Co. for about $30 million. The financial institutions announced on Tuesday they had signed a merger agreement.

Berkshire Hills is the area's largest local banking concern, with assets of more than $4 billion and more than 60 branches in Massachusetts, New York, and Vermont. Connecticut Bank is valued at $283 million and operates eight offices in the Hartford area.

Under the terms of the merger agreement, 70 percent of the outstanding Connecticut shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.3810 Berkshire shares for each share of Connecticut. The remaining 30 percent of Connectict shares will be exchanged for cash in the amount of $8.25 per share.

This the latest round of mergers for Berkshire Bank's parent. Berkshire Hills merged with Legacy Banks last year.  (Four of Legacy's branches have been taken over by NBT Bank.)

Berkshire's President and Chief Executive Officer Michael P. Daley said expanding into Connecticut has been a long-term goal.

"We will now have a total of 20 branches serving the Hartford/Springfield area, the second largest economic area in New England," he said. "CBT has built a solid franchise in the greater Hartford area, and this combination will provide more lending capacity and product diversity to this market. Like CBT, Berkshire has a local focus and a strong record of community involvement. Based on our demonstrated success in our other regional markets, we are well positioned to build our presence in Hartford."

Consummation of the agreement is subject to the approval of CBT's shareholders, as well as state and federal regulatory agencies. The merger is expected to be completed early in the second quarter of 2012.

Read the full press release on PRNewsWire.


0 Comments
     
News Headlines
Pittsfield Group Leaves Warm Clothing Out For Those In the Cold
Free Blood Pressure Screenings Set in February
Greylock Insurance Agency Makes Donation to Breaking Bread Kitchen
Ventfort Hall Mansion Names New Executive Director
North Adams Little League Sets Sign-Up Dates
Cheshire Considers Joining BRPC Pipeline Group
North Adams Housing Agency Finds Potential Buyers For Properties
Area Religious Groups Join Social Justice Efforts in New Organization
Pancake Breakfast Slated To Help Lanesborough Firefighter Beat Cancer
Williams Students Aim to Break Record Lego Build Time

 


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)
March 2014 (2)
Tags:
Walmart Gas Prices Sabic Auction Adams Breakfast Small Business Unemployment Baldwin Great Barrington Expansion Jobs Currency Berkshire Chamber Of Commerce Unemployment Statistics Statistics Merger Crane & Co. Williamstown Berkshire Chamber State Store Opening Berkshire Creative Talkberkshires Berkshire Enterprises Berkshire Living Pine Cone Hill Wmeco North Adams Excelsior Flood Bj's Pittsfield Qualprint
Popular Entries:
Berkshire Jobless Rates Drop
Bay State Continues to Add Jobs
Excelsior Brings Greeting Card Co. To North Adams
Covanta's Pittsfield Facility Gets High Marks from OSHA
New Dog Training Center Open in North Adams
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
Simmons Expanding Into Customized Lines
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
Berkshire County UCP Telethon
United Cerebral Palsy of Berkshire County held its 52nd and...
Girls BB: Athol vs Hoosac...
McKenzie Robinson dished out nine assists to help the...
Swimming: Wahconah vs St....
Liz Bernardy won the 100-yard freestyle and 200 individual...
Boys BB: Drury vs Hoosac...
Friday night basketball, Drury boys win over Hoosac Valley...
Girls BB: Lee vs Mount...
Barrett scored a game-high 27 points in Thursday's 57-44...
Boys BB: Smith Academy vs...
The Pittsfield boys' basketball team defeated Smitch...
North Adams Chamber @...
The North Adams Chamber of Commerce held its first...
Hockey: St Mary's vs Wahconah
The Wahconah hockey team defeated St. Mary's Wednesday...
Berkshire Chamber @GFCU
Berkshire Chamber of Commerce held its January networking...
Boys BB: Wahconah vs Drury
The Wahconah boys basketball team was able to pull away and...
Boys BB: Hoosac Valley vs...
Jerry McDonough scored 14 points and went 4-for-6 at the...
Girls BB: Wahconah vs Lenox
The Wahconah girls basketball team got back on track with a...
Girls BB: Hoosac Valley vs Mt...
Hoosac used 25 points and 11 rebounds from Emily Rosse to...
Co-ed XC Skiing
The Mount Greylock cross country ski team had the home...
Girls BB: Millbrook vs Miss...
Grace Guachione scored 19 of her 22 points in the first...
Girls BB: Pittsfield vs...
The Pittsfield girls basketball team defeated Wahconah...
Berkshire County UCP Telethon
United Cerebral Palsy of Berkshire County held its 52nd and...
Girls BB: Athol vs Hoosac...
McKenzie Robinson dished out nine assists to help the...
Swimming: Wahconah vs St....
Liz Bernardy won the 100-yard freestyle and 200 individual...
Boys BB: Drury vs Hoosac...
Friday night basketball, Drury boys win over Hoosac Valley...
Girls BB: Lee vs Mount...
Barrett scored a game-high 27 points in Thursday's 57-44...
| 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