BHLB - Berkshire Hills Bancorp to Reduce Its Branch Footprint by 18%
Berkshire Hills Bancorp (NYSE: BHLB) is selling its eight branches in the mid-Atlantic region, and plans to close and consolidate 16 additional branches in New England and New York, the company announced Wednesday.
The moves are part of a broader initiative at the Boston-based regional lender to improve core profitability by focusing on efficiency, said acting CEO Sean Gray.
The eight branches in New Jersey and Pennsylvania will be sold to Investors Bancorp (NASDAQ: ISBC) of New Jersey for a 3% premium of the final deposit balance transferred. Those branches had $639 million in deposits and $308 million in loans.
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Berkshire Hills Bancorp to Reduce Its Branch Footprint by 18%