Major MA Banks Announce Billion Dollar Merger

BOSTON, MA — Berkshire Hills Bancorp and Brookline Bancorps have agreed to a merger worth approximately $1.1 billion, according to a press release from Brookline Bancorp.

The two corporations are parent companies of local banks with the same names. In addition, Brookline Bancorp is also the parent company of Bank Rhode Island and PSCB Bank. Their combined net worth would be $24 billion. The deal is an all-stock transaction, with Berkshire Bancorp allowing investors to sell $100 million of its common stock shares at a rate of $29 per share with the goal of raising additional funds to support the merger.

“Today marks a transformational milestone in the history of two storied institutions with a strong commitment to serving their clients and communities,” President and CEO of Berkshire Bancorp Nitin Mhatre said in the release. “The combined organization will be in an even stronger position to deliver exceptional client experience and create greater value for shareholders."
Brookline Bancorp described potential benefits of the combined bank structure as enhanced operational performance, shared values between the two companies, and increased capabilities due to a larger scale.

The transaction is slated to close before the end of 2025. Berkshire will be the legal acquirer of Brookline, while Brookline will be the accounting acquirer of Berkshire.