PITTSFIELD, Mass. — Berkshire Bank is moving its corporate headquarters this Boston later this year as it acquires Commerce Bancshares Corp., increasing the bank's holdings to $12 billion.
The $209 million acquisition makes Berkshire Hills Bancorp the largest regional bank in Massachusetts, according to officials, and the first regional bank headquartered in Boston in decades. Bank officials say moving its corporate headquarters will not affect its employees here and that the operational center will remain on North Street.
"Locating our corporate headquarters in Boston will not take us away from our roots in Berkshire County; we remain committed to all of our employees, customers and communities," said Michael P. Daly, CEO of Berkshire Bank in a statement. "Boston will offer our senior executives connectivity with government leaders, regulators, and decision makers, and provide the ability to attract broader workforce talent as the bank continues to grow. ...
"This is not only important to Boston, but to all our local markets, to be the first regional bank with a Boston headquarters in decades."
Senior executives will have offices in both Boston and Pittsfield, which will remain the operational hub and regional headquarters. Berkshire Bank has two locations on North Street but officials say neither location will be affected and no employees will be affected.
The bank sees Boston as a far-flung extension that will offer a base for "senior leadership to build relationships with key regulators, business leaders and potential business partners," according to a spokesperson. "This is an important part of our continued growth strategy; any future growth will have an ongoing positive impact on our operations in the Berkshires."
Commerce reported $1.5 billion in loans and $2.0 billion in deposits as of March 31, 2017, adding $2.2 billion in assets to Berkshire Bank. The merger includes 13 branches in the Worcester area and three branches in Boston. The bank currently has $9.3 billion in assets and 97 full-service branch offices in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania.
Previously known as Berkshire County Savings Bank, the bank was established in 1846 and has gone through a number of mergers and acquisitions over the decades. In the past 10 years alone, it has acquired eight banks, including Legacy Banks, three specialty finance companies, six insurance companies and a branch network, according to its fact sheet.
Berkshire Hills Bancorp is one of the largest employers in the region. It employs more than 1,500 people across the state and its institutions.
The relocation of the bank's main office is subject to regulatory approval. The downtown Boston corporate headquarters location will be announced in early third quarter 2017.
"Relocating our corporate headquarters to Boston's financial district is a well-timed move that will make us stronger by driving value and adding jobs that will benefit our employees and customers across our footprint," said Sean A. Gray, chief operating officer. "As a successful regional bank, having our headquarters in a strong hub for the financial services industry provides economic value and takes advantage of the largest New England market to fuel growth, increase our ability capitalize on our investment in all of our communities."
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Lanesborough Looks to the Future of Zoning Bylaws
By Breanna SteeleiBerkshires Staff
LANESBOROUGH, Mass. — The Planning Board is reviewing the town's zoning bylaws with an eye to amending zones to align with planning documents and projects.
Members started at last week's meeting to at priority zoning projects that align with the Open Space and Recreation Plan and the Master Plan that was adopted last year. Earlier in the meeting, the board accepted the Berkshire Regional Planning Commission's draft of the OSRP, which the Select Board accepted late last month.
Town planner Andrew Groff informed the board of upcoming projects that will need to be looked at for zoning purposes to try and stay ahead of the bylaws that aligned in both the OSRP and Master Plan.
"Principally, would be going back and thinking about this idea of a mixed-use zoning district for the northern part of town that's responsive to the growth of outdoor recreation as it is really an industry. So you've got Shaker Ridge, you've got the folks at Donnybrook that proposes a glamping resort, Ramble Wild, and Brodie Mountain just over the town line in New Ashford with some new ownership and expanded interest in some development there, so that's one item that's called for in both."
Groff also explained they need to look into agriculture zones to help local farmers
"Seeing if we can't do something to better support our farms because we have a couple great little farm clusters in Lanesborough. You know, zoning for agriculture is pretty expansive in Massachusetts. The exemption for agriculture is pretty wise, but we want to take a closer look and talk to some of our farmers and figure out there's some tweaks we can do that would make their lives easier."
He also brought up how they can help fix the zoning bylaws around the lake that are nonconforming and want to look into grant funding to help.
"Work that's going to be done to further protect Pontoosuc Lake, and we have a lot in our master plan regarding the zoning issues on Pontoosuc from the issue that you had mentioned to me, bringing back the citizens who were concerned about building heights down there, but you know, more fundamentally identified in the master plan is the problems with how everything is basically nonconforming. The zoning doesn't conform to what the actual built environment is. That's something we probably want to look into talking with folks in the community planning office," he said.
Groff mentioned there is a ballot question that, if it passes, would mean changing zoning regarding public water and sewer, and affect properties near the lake.
"There is going to be on the ballot in November a question that will essentially require any community in Massachusetts that has built an environment that's on public water/sewer, you're going to have to reduce your lot sizes to 5,000 square feet. So I feel like if that passes, that has massive implications for that part of town. So, just another one to put out there, but maybe we want to wait to really tackle that with some grant funding once we know what the Legislature's done."
Chair Leanne Yinger said she lives in that area and it already seems very congested, meaning that the passage of the ballot question could have big implications.
She also mentioned another implication for the health of the lake she would like to see happen.
"I would like to see us ban pesticides and people treating their lawns," she said. "Part of the problem of the health of the lake is that when I say that out loud, and I'm saying it out loud to anybody who will listen to me, it is not a popular thing to say. But it is killing the lake."
Yinger said she would like to clarify who governs the sewer system around Pontoosuc Lake, noting the new owner of a friend's house needed to purchase access to the sewer from a private party. Groff said he couldn't remember if it is water district or town, but that there is something "funky" about the governance over there.
"I need to understand what that looks like, because the way it came down was interesting. The line comes in from Pittsfield, but there are people claiming that they have rights to it because they bought into it originally. I just want to understand what that's like and who's saying you're in charge with it, because it seems to me that that's a town-managed situation," Yinger said.
One version is that there are many available jobs, but employers have a hard time finding workers to fill them. On the other hand, we also hear that Berkshire County does not have enough good jobs, and people have to move elsewhere because of poor job prospects here.
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