Berkshire/Legacy Bank Merger Complete
PITTSFIELD, Mass. — The merger of Berkshire Bank and Legacy Banks was completed Thursday.
Announced in December, Berkshire Bank purchased Legacy for $108 million, which created the biggest financial institution in the region with more than $4 billion in assets.
The Berkshire Bank name will remain the same and more than 40 of the two banks' 850 workers are expected to lose their job because of the merger.
According to a press release, the bank now has more than 60 branches reaching from Massachusetts to New York to Vermont. The merger is effective immediately.
"This acquisition results in improved market share and an expanded footprint in our attractive northeastern markets," Berkshire Bank President Michael P. Daly said in the release. "It contributes to our strong momentum in revenue and earnings growth. This partnership enhances our resources to support the needs of our regions and to provide exceptional locally based service. We are very pleased to welcome the customers, employees, and shareholders of Legacy to America's most exciting bank."