Saturday, December 20, 2014 06:32am
North Adams, MA now: 19 °   
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
McCann Students Lauded for Leadership & Skill Building
BU Looking For More Use of Tanglewood Campus
Battalion Falls at Danville
Berkshire County Arc Receives Workplace Wellness Grant
Cultural Pittsfield This Week:Dec. 19-Jan. 4
Groundbreaking Ceremony Held at New Williamstown Senior Housing
Shakespeare In the Park Will Resume At Pittsfield Common
Park Street Reconstruction Will Be Completed In Spring
'Exodus: Gods and Kings': And Frogs, Too
Hotel on North Construction Third Complete

 


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)
January 2014 (1)
December 2013 (1)
Tags:
Berkshire Living Berkshire Chamber Wmeco Merger Flood Williamstown Unemployment Walmart Crane & Co. Statistics Talkberkshires Small Business North Adams Great Barrington Currency State Pittsfield Berkshire Chamber Of Commerce Auction Adams Berkshire Enterprises Excelsior Pine Cone Hill Statistics Expansion Unemployment Jobs Berkshire Creative Store Opening Qualprint Baldwin Sabic Breakfast Bj's Gas Prices
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
Adams Co-Op, South Adams Bank Merger Approved
White Hart Inn For Sale for $5M
Williamstown Chamber Seeks Input on Future Role
Simmons Expanding Into Customized Lines
Real Estate Panel to Tour S. County, Pittsfield Sites
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
Girls BB: S Hadley vs Hoosac
Friday night girls BB game final - Hoosac 65 South Hadley...
Girls BB: Mount Greylock vs...
Greylock beats Wahconah 52-46
Hotel on North Construction
Media and local officials got a tour of the under...
Hockey: Wahconah vs Taconic
Andrew Beaudoin scored two goals and added an assist to...
Swimming: St. Joe s vs...
Emma Whitney and Jesse Tobin each won two events to lead...
Boys BB: St. Joe vs Drury
The annual Gene Wein Boys Basketball Holiday Tournament got...
Boys BB: Monument Mountain vs...
The annual Gene Wein Boys Basketball Holiday Tournament got...
Girls BB: St. Joe's vs McCann
McCann Tech girl's win over St. Joe's, Monday night at...
Cheshire Church Christmas...
Cheshire residents walked or traveled by hayride to...
Sen. Downing's Holiday Open...
State Sen. Benjamin B. Downing held his annual holiday open...
Crane Winter Wonderland 2014
Santa's Winter Wonderland at the Crane Mansion.
Boys BB: Chicopee Comp vs...
The Drury boys basketball team recorded its first "W" in...
McCann LPN Graduates 2014
McCann Technical School's Licensed Practical Nursing...
MCLA Honors Adams Scholars
MCLA recognized the achievement of high school seniors who...
Wahconah Falls in State Title...
Wahconah never did get those points in a 43-0 loss in the...
Pittsfield March for Justice
More than 200 Pittsfield and county residents marched on...
Girls BB: S Hadley vs Hoosac
Friday night girls BB game final - Hoosac 65 South Hadley...
Girls BB: Mount Greylock vs...
Greylock beats Wahconah 52-46
Hotel on North Construction
Media and local officials got a tour of the under...
Hockey: Wahconah vs Taconic
Andrew Beaudoin scored two goals and added an assist to...
Swimming: St. Joe s vs...
Emma Whitney and Jesse Tobin each won two events to lead...
| 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