Berkshire Bank Becoming Beacon Bank

Print Story | Email Story
BOSTON — Berkshire Bank's changing its name once its merger with Brookline Bancorp Inc. of Boston is finalized this year.  
 
The combined financial institutions will be known as Beacon Bank & Trust under parent company Beacon Financial Corp. The merger removes the "Berkshire" name from the bank after 179 years.
 
It was founded in 1846 as Berkshire County Savings Bank and changed it to Berkshire Bank in 1997 after acquiring Great Barrington Savings Bank. A host of mergers and acquisitions followed and Berkshire's corporate offices left for Boston in 2017. 
 
Berkshire Hills Bancorp made the announcement on Wednesday. The Berkshires-founded banking company expects to complete the "merger  of equals" is the third quarter of 2025, subject to regulatory approvals and normal closing conditions.
 
Brookline Bancorp is the parent company of Brookline Bank, Bank Rhode Island, and PCSB Bank. Paul A. Perrault, chairman and CEO of Brookline, will become CEO of the combined company.
 
"Our merger of equals will create a powerful financial institution with deep local roots, a broad, complementary footprint and a strong commitment to its employees, clients, stockholders and communities," Perrault said in the statement. "The Beacon Bank name reflects our desire to be a reliable guide in financial decision-making, helping clients reach their goals with clarity, confidence, and trust."
 
The merger agreement was signed last December to create a financial holding company with $24 billion in assets, $18 billion in total deposits, $19 billion in total loans and more than 140 branches across five states.
 
Berkshire Bank and Brookline have "complementary geographic footprints with limited branch overlap." Officials say customers will have access to more financial products and services and increased lending capacity but it will maintain local decision making.
 
According to a press statement from Berkshire Bank, the name "Beacon" was chosen to "reflect the shared vision of the combined organization." The name, logo and colors of blue and goals were approved by the boards of each corporation. 
 
"A beacon represents guidance, strength, and a promise of stability — core principles that the legacy institutions have upheld for generations," according to bank officials. 
 
The logo combines the two B-starting names with a stylized B.
 
Berkshire Bank's logo had added a gold "X" with a dot (for "exciting") in 2015 and switched its colors from green and gold to navy after it moved to Boston upon acquiring Commerce Bancshares Corp. The Brookline and Rhode Island banks used blue and gray and PCSB Bank blue and green, with stylized tree. 
 
Berkshire Hills Chair David M. Brunelle will continue to serve as board chair for the combined company.
 
"Our new name honors the legacy of Berkshire and Brookline while looking toward a bright and ambitious future," he said in a statement. "While the name is changing, we remain dedicated to offering trusted financial solutions and local expertise. We look forward to our new company delivering the enhanced capabilities that come from the combined institution’s scale and operational strength."

Tags: Berkshire Bank,   

If you would like to contribute information on this article, contact us at info@iberkshires.com.

Lanesborough Board OKs Budget, Warrant Article Changes

By Breanna SteeleiBerkshires Staff

LANESBOROUGH, Mass. — The Select Board  last week approved the fiscal 2027 draft budget and made slight changes in the warrant articles impending town vote.

The proposed spending plan has an increase of a little over 10 percent. Some of the main budget increases are the Mount Greylock Regional School District and McCann Technical School: the McCann assessment is up more than 30 percent based on factors including enrollment and the renovation project, and Mount Greylock's is up 11 percent.

Another notable increase was in the life and health insurance, showing an increase of about 26 percent.

"I'd like everybody to know that the Town Hall staff, everybody, the Police Department, Fire Department, the DPW, they really looked over their budgets and went down to bare bones. I want to give them credit for that, because I think the townspeople should know that we are not only as a Select Board, as a town administrator, we are all looking to keep our taxes within a reasonable amount," said Chair Deborah Maynard.

"And I want you all to realize that the town staff and the departments have really brought their budgets down to bare bones. And I'm making this because the school department, in my opinion, and this is my opinion only, has not done their due diligence in bringing their budget under control over a 10 percent increase. I think regardless of what the insurance went up, I still think that they could have cut their budget a little more."

Maynard was the only no vote in endorsing the budget. 

The free cash warrant articles for the annual town meeting were approved with a couple of changes since last meeting.

The board added the transfer of $1,200 from free cash to purchase software to support tracking and ongoing maintenance schedules of all town-owned vehicles.

Instead of transferring $200,000 from free cash for the replacement of a fire engine, voters instead will be asked to transfer $380,000 from the fire truck stabilization fund and authorize the treasurer to borrow up to $700,000 with approval from the Select Board.

An article asking to increase the Zoning Board of Appeals membership from three to five members was  withdrawn as board member Michael Murphy felt it was not needed anymore.

Other changes was withdrawal of free cash article of $3,200 for the Assessors WebPro online search software after public comment from Barbara Hassan addressed a miscommunication with the assessors property card format. Officials want to find another way to get the information that will not cost the town.

The annual town meeting is Tuesday, June 9, at 6 p.m. Lanesborough Elementary School. The annual town election will take place June 16 at Town Hall with polls open noon until 8 p.m.

In other business, solar developer Kirt Mayland updated the board about the solar array project at Old Orebed Road and the work with EDF Power Solutions, which was the highest bidder on the project in 2022 and has been working to bring a solar array on the capped landfill.

The group recently finished an interconnection study with Eversource and connected with ISO New England to make sure they did not have any effects on the transmission system. The price was affordable with Eversource and can move forward if allowed.

EDF's last option agreement was terminated in January, and since 2022 it has been paying $5,000 to extend services, looking to extend again with the town. 

View Full Story

More Pittsfield Stories