Brookline Bancorp Merges with Berkshire Hills to Create Beacon Financial Corporation

Cashu

25 days ago

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Brookline Bancorp

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Brookline Bancorp and Berkshire Hills Form New Financial Powerhouse

Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. announce a significant merger that establishes a new entity named Beacon Financial Corporation. This merger is poised to create a robust financial institution known as Beacon Bank & Trust, which will reflect a commitment to strength, guidance, and stability in the banking sector. The new holding company will be listed on the New York Stock Exchange under the ticker symbol BBT, marking a strategic evolution for both legacy banks. The merger is slated for completion in the third quarter of 2025, pending regulatory approvals and customary closing conditions.

In leading the new organization, Paul A. Perrault, the current CEO of Brookline Bancorp, emphasizes the merger's potential to combine the strengths and local roots of both institutions. By aligning their resources and expertise, Beacon Bank aims to enhance its financial services, providing customers with clarity and confidence in their banking transactions. The merger signifies not only a union of two financial entities but also a commitment to serving clients, employees, stockholders, and the broader community effectively. The combined institution aims to honor the rich legacies of both Berkshire and Brookline while setting ambitious goals for the future.

David M. Brunelle, the Chairperson of Berkshire Hills Bancorp, will assume the role of Chairperson of the Board for Beacon Financial Corporation. His leadership will be pivotal in ensuring that the new entity remains focused on providing trusted financial solutions underpinned by local expertise. The synergy created through this merger is expected to drive innovation and expand the range of services available to clients, reinforcing the banks' dedication to meeting evolving customer needs in a competitive financial landscape.

In addition to the new identity, the combined entity will unveil a logo that reflects the heritage of both banks, featuring a stylized letter B in navy and gold. This design symbolizes a modern identity that honors the past while embracing a forward-thinking approach. The merger is a strategic move that aims to provide a solid foundation for future growth and stability in the banking sector.

This merger marks a transformative step for both Brookline Bancorp and Berkshire Hills Bancorp, setting the stage for a new era in financial services. With a focus on local engagement and customer service, the newly formed Beacon Bank is well-positioned to navigate the complexities of the financial landscape and deliver on its promise of trust and reliability to its clients.