Berkshire Hills Bancorp, the parent company of Berkshire Bank, and Brookline Bancorp, the parent company of Brookline Bank, Bank Rhode Island, and PCSB Bank, recently received regulatory approval to complete their proposed merger and become Beacon Financial Corporation.
“We’re pleased to have received all regulatory approvals as scheduled to bring together two strong organizations,” Paul Perrault, Brookline chairman and CEO, said. “Following months of collaboration between the Berkshire and Brookline teams, we are prepared for a successful integration and to realize the full potential of this combination.”
The Massachusetts Division of Banks, the Rhode Island Department of Business Regulation, the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System gave their regulatory approvals. The stockholders of Berkshire and Brookline gave their approval in May.
The merger is expected to close on Monday. Perrault will be CEO of the combined company, that will be named Beacon Financial Corporation, and Berkshire Chairperson David Brunelle will be chairman of the Beacon Financial Corporation board of directors.
The combined company will be a $24 billion regional banking company with more than 145 branch offices in the Northeast. Its banking systems will be integrated during the first quarter of 2026.