Regulatory Approval Granted for Berkshire Hills Bancorp and Brookline Bancorp Merger
Berkshire Hills Bancorp (BHLB) and Brookline Bancorp (BRKL) jointly announced they have received all required regulatory approvals to complete their proposed merger of equals and become Beacon Financial Corporation. Berkshire and Brookline expect the merger closing to be completed effective September 1, subject to the satisfaction of the remaining customary closing conditions. Upon closing, the combined company will become a $24B regional banking franchise serving the Northeast with more than 145 branch offices. The regulatory approval process included approvals from the Board of Governors of the Federal Reserve System as well as the Massachusetts Division of Banks, New York State Department of Financial Services and Rhode Island Department of Business Regulation. As previously announced, stockholders of Berkshire and Brookline approved all proposals required for the merger of equals at stockholder meetings on May 21. Following the closing, the combined company will be renamed Beacon Financial and its common shares will trade on the NYSE under the symbol (BBT).
