Boston-based Beacon Financial Corporation, the holding company for Beacon Bank & Trust, announced the merger of Berkshire Hills Bancorp, the parent company of Berkshire Bank, and Brookline Bancorp, the parent company of Brookline Bank, Bank Rhode Island and PCSB Bank, completed on Monday.
“We’re pleased to have successfully completed our merger of equals to form Beacon Financial Corporation and position the company to be a predominant regional bank serving the Northeast,” Paul Perrault, Beacon CEO, said. “We thank the employees of both companies for their hard work and dedication to ensuring the timely completion of the merger. Our focus now turns to completing the integration of our banking systems to deliver a seamless client experience, provide additional service capabilities and generate enhanced financial performance for stockholders.”
Beacon Financial Corporation was created with the merger of Berkshire Hills Bancorp and Brookline Bancorp. It operates through its banking divisions Berkshire Bank, Brookline Bank, BankRI and PCSB Bank, and has more than 145 branches throughout New England and New York.
The new company has $24 billion in assets and offers commercial, cash management, asset-based lending, retail, consumer and residential products, and other financial services. Its Eastern Funding subsidiary provides equipment financing, Clarendon Private provides wealth services and its 44 Business Capital division provides SBA lending.