Hampden Bank to Merge with Berkshire Bank (WGGB) — The parent companies of Berkshire Bank and Hampden Bank have announced a merger agreement. That agreement between Berkshire Hills Bancorp and Hampden Bancorp calls for Berkshire to acquire Hampden and its subsidiary, Hampden Bank. The all-stock transaction, which has been approved by the Board of Directors for both companies, is valued at $109 million. Berkshire Bank currently has 11 branches, while Hampden operates 10 branches. “We are delighted to be joining the Berkshire franchise. Our two banks share rich histories, consistent core values and a strong commitment to customers and communities. I’m proud of our 162 years of serving customers in our markets and believe the combination created by our two companies will benefit our clients, communities and shareholders,” says Glenn Welch, President and CEO of Hampden Bancorp in a statement. Michael Daley, President and CEO of Berkshire Hills Bancorp adds, “This is a solid business combination with efficiency benefits. Hampden is a well run company with an attractive core deposit base and a significant presence in the community. After integration, the transaction is expected to be accretive to Berkshire’s earnings per share, return on equity, and capital. We have a strong track record of execution and our collective teams are positioned to complete this integration flawlessly.” The agreement still needs the approval of Hampden shareholders, as well as federal and state agencies. It’s anticipated that the the merger will be completed early in the second quarter of 2015.
Posted on: Tue, 04 Nov 2014 17:18:21 +0000