Berkshire Hills Bancorp has completed the acquisition of SI Financial Group, which it agreed to acquire for around $176m.

As a part of the deal, SI Financial Group’s Savings Institute and Trust Company has been merged into Berkshire Bank.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

SI Financial Group acquisition: details

Berkshire Hills signed the agreement to acquire SI Financial Group in an all-stock transaction in December last year.

As a part of the deal, it issued 5.7 million common shares as consideration.

With the newly issued shares, Berkshire’s outstanding common stock jumped to around 51.2 million shares with a market capitalisation of around $1.6bn.

Berkshire Hills Bancorp CEO Richard Marotta said: “The Savings Institute team has been receptive and worked cohesively with our teams as we moved towards closing.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We look forward to continuing our work with our new colleagues as we bring our full suite of products and expanded resources to their markets.  Our next steps include completing the integration of Savings Institute following the planned systems conversion in October.”

Savings Institute Bank and Trust Company was established in 1842. It offered various financial services to individuals, businesses and municipalities.

The acquisition adds 18 branches in Eastern Connecticut and five branches in Rhode Island to Berkshire network.

Additionally, it adds its $1.7bn in assets and $1.3bn in low cost deposits to its portfolio. Overall, Berkshire Hills operates 132 banking offices across seven North-Eastern US states.