Berkshire Hills Bancorp and Brookline Bancorp Receive Regulatory Approvals for Merger to Form Beacon Financial Corporation

Berkshire Hills Bancorp and Brookline Bancorp have received regulatory approvals for their merger of equals to form Beacon Financial Corporation. The merger will create a regional bank with $4.5 billion in assets and 100 branches across Massachusetts. The combined entity will operate under the Beacon Bank brand and will be headquartered in Boston. The merger is expected to close in the second quarter of 2023.

Berkshire Hills Bancorp (NYSE: BHLB) and Brookline Bancorp have secured all necessary regulatory approvals for their merger of equals, paving the way for the creation of Beacon Financial Corporation. The merger is set to close on September 1, 2025, creating a $24 billion regional banking franchise serving the Northeast with over 145 branch offices [1].

The approvals were obtained from the Board of Governors of the Federal Reserve System, the Massachusetts Division of Banks, the New York State Department of Financial Services, and the Rhode Island Department of Business Regulation. Both companies have also received shareholder approval for the merger [1].

Upon closing, the combined entity will be renamed Beacon Financial Corporation and its common shares will trade on the NYSE under the symbol "BBT". Clients will continue to be served through their respective Berkshire Bank, Brookline Bank, Bank Rhode Island, and PCSB Bank branches, websites, mobile apps, financial advisors, and relationship managers operating as divisions of Beacon Bank & Trust, commonly known as Beacon Bank. Over time, clients will begin to see updates such as the new name on statements, in online banking, and at branches as the combined company prepares for a full transition to the Beacon Bank brand, along with the integration of banking systems in the first quarter of 2026 [1].

The merger is expected to create significant efficiencies and operational strengths, allowing the combined company to better serve its clients, employees, stockholders, and communities. The scale, efficiency, and operational strength of the combined company will enable it to deliver enhanced services and improve its overall financial performance [1].

References:
[1] https://www.prnewswire.com/news-releases/berkshire-hills-bancorp-and-brookline-bancorp-receive-regulatory-approvals-for-merger-of-equals-to-form-beacon-financial-corporation-302537849.html