Berkshire Hills Bancorp(BHLB) Prnewswire·2024-12-16 13:30Core Viewpoint - Berkshire Hills Bancorp and Brookline Bancorp have announced a merger agreement valued at approximately 24 billion in assets and 148 branch offices, enhancing their scale and market presence in the Northeast [1][4]. Merger Details - The merger will involve an all-stock transaction where each Brookline share will be exchanged for 0.42 shares of Berkshire, valuing Brookline at 30.20 on December 13, 2024 [1][10]. - Berkshire plans to raise 29.00 per share, with the capital raise expected to close on December 19, 2024 [2]. Strategic Benefits - The merger is expected to create a $24 billion franchise, allowing for significant economies of scale, enhanced lending capacity, and improved competitive positioning across five states with limited overlap [4]. - The combined organization aims to deliver exceptional client experiences and create greater shareholder value through enhanced operational performance and strong risk management practices [5][6]. Governance and Leadership - The Board of Directors of the combined company will consist of eight directors from each institution, with David Brunelle serving as Chairperson and Paul A. Perrault as President and CEO [7][8]. - The combined bank will be structured into six regions, each led by experienced local leaders from both Berkshire and Brookline, allowing for efficient operations while maintaining local market autonomy [9]. Transaction Structure - Berkshire will be the legal acquirer, while Brookline will be treated as the accounting acquirer, consolidating existing bank charters into one Massachusetts state-chartered bank [11]. - The combined company will announce a new name and ticker symbol prior to closing, with headquarters located in Boston, MA [12]. Timeline and Approvals - The transaction is expected to close by the end of the second half of 2025, pending regulatory approvals and shareholder votes [13].