Berkshire Hills, Legacy To Sell 4 Branches For Merger Approval
18 Maio 2011 - 6:46PM
Dow Jones News
The U.S. Department of Justice said Berkshire Hills Bancorp Inc.
(BHLB) is set to go ahead with its $110 million takeover of smaller
peer Legacy Bancorp Inc. (LEGC) after the companies agreed to
divest themselves of four Legacy branches in Massachusetts.
The department said that, with the divestitures, the merger
wouldn't harm local retail-banking or small-business-banking
competition. The acquisition still needs to be approved by the
Office of Thrift Supervision.
The combined entity would be valued at almost $4 billion in
assets and have a total of 69 branches in three states. It would
bolster Berkshire Hills' presence in western Massachusetts and New
York.
It is the second takeover agreement for Berkshire recently. It
agreed to acquire Rome Bancorp (ROME) for $74 million in
October.
Neither Berkshire nor Legacy shares were active in after-hours
trading.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
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