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.

Write a comment - 0 Comments       Tags: merger      

Support Local News

We show up at hurricanes, budget meetings, high school games, accidents, fires and community events. We show up at celebrations and tragedies and everything in between. We show up so our readers can learn about pivotal events that affect their communities and their lives.

How important is local news to you? You can support independent, unbiased journalism and help iBerkshires grow for as a little as the cost of a cup of coffee a week.

News Headlines
West Side Mural Wishes for Greener Future
Lenox Hotels Sold for $38M
W.E.B Du Bois Center to Host Elizabeth Freeman Roundtable
Pittsfield Babe Ruth Opens World Series with One-Run Win
Adams' Valley Street Shed Still Needs Funding
Wahconah Park Restoration Committee Inspects Grandstand
Pittsfield Putting Perfection on the Line
Weekend Outlook For Aug. 11-14
Letter: Why I Support Paul Mark
Dalton Select Board Approves 19% Sewer Rate Increase

 


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:
Talkberkshires Statistics Walmart North Adams Nbt Bank Merger Adams Jobs Breakfast Great Barrington Bj's Excelsior Sales Tax Winstanley Store Opening Unemployment Berkshire Chamber Of Commerce Currency Statistics Small Business Crane & Co. Wmeco Baldwin Williamstown Auction Tricks Of The Trade Unemployment Qualprint Berkshire Enterprises State Expansion Wall Street Social Media Sabic Pittsfield
Popular Entries:
Chamber Drive Nets Donation for Shelter
Pittsfield Jobless Rate at 7 Percent
State Added 12,700 Jobs in July
State Jobless Holds Steady at 7.6%
Excelsior Brings Greeting Card Co. To North Adams
Cranwell Voted Best For Meetings
Super Duper Wally World
Baldwin Brings Berkshire-style Talk to Florida
Chamber Sets Free Workshop on QR Codes
Funding Secured For Pittsfield BJ's Wholesale
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