Merger
Brookline Bancorp & Berkshire Hills Bancorp Merger
Brookline Bancorp, Inc. (PCSB Bank's parent company) and Berkshire Hills Bancorp, Inc. have announced a definitive agreement to merge and create a powerful, regional banking franchise serving the Northeast.
The combination of Brookline and Berkshire brings together two leading companies to create a premier Northeast financial institution with hundreds of years of combined commitment to serving you. You will gain access to an expanded suite of financial products and services, a larger network of branches, more industry-leading experts, and the enhanced technology to help make banking with us even easier and more flexible.
For more information on this transformational partnership, please read our press release and review our merger FAQs below.
Merger FAQs
General
What are the details of the merger?
Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. announced the signing of a definitive agreement for a merger of equals on December 16, 2024, under which the companies will combine. The merger brings together two leading companies to create a premier Northeast financial institution with approximately $24 billion in assets, $18 billion in total deposits, $19 billion in total loans and more than 140 branches across five states. If you’d like to learn more please read our press release.
Who is Brookline Bancorp?
Brookline Bancorp (NASDAQ: BRKL) is a multi-bank holding company for Brookline Bank, Bank Rhode Island, PCSB Bank, and their subsidiaries. Headquartered in Boston, Massachusetts, Brookline has $11 billion in assets and 65 branches throughout Massachusetts, Rhode Island, and New York.
Brookline, through its banks, offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, consumer and residential loans and investment services designed to meet the financial needs of small-to mid-sized businesses and retail customers. Brookline also provides equipment financing through its Eastern Funding subsidiary and private wealth services through Clarendon Private LLC. To learn more about Brookline Bancorp, Inc. visit www.brooklinebancorp.com.
Who is Berkshire Hills Bancorp?
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank that delivers industry-leading financial expertise to clients in New England and New York. With $11.6 billion in assets and 83 financial centers, Berkshire is headquartered in Boston and provides a full suite of tailored banking solutions through its Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management divisions. For more than 175 years, the Bank has delivered strength, stability and trusted advice to empower the financial potential of its clients and communities. Newsweek named Berkshire one of America’s Most Trusted Companies and one of America’s Best Regional Banks. To learn more about Berkshire Hills Bancorp visit ir.berkshirebank.com.
Why are Brookline and Berkshire merging?
The merger will allow both Brookline and Berkshire to increase their scale, enhance their performance and bring together two highly compatible cultures and geographic footprints to better serve you. The combined company will offer an expanded suite of financial solutions, a larger branch network and more services than ever before.
When will the merger be finalized?
The merger is expected to close in the second half of 2025, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.
Will the name of the bank(s) change?
In deference to the equal contribution both companies will bring to the new institution, the combined company and bank will operate under a new name and new brand, which will be determined prior to closing the transaction in the second half of 2025.
Will there be any branch consolidations?
Brookline and Berkshire have largely complementary geographic footprints with limited branch overlap. As with any consolidation, we will communicate with you well in advance of any changes.
When will I find out more?
We will communicate with you in advance of any updates. Make sure we have up-to-date contact information on file for you, including phone, address and email so you don’t miss any important notices.
Merger Benefits
What are the benefits for you?
You will gain access to an expanded suite of financial products and services, a larger network of branches, increased lending capacity, more industry-leading experts and the enhanced technology to help make banking with us even easier and more flexible. The company will also maintain the local decision making you’ve come to expect, all delivered by familiar names and faces you trust.
What are the benefits for communities?
The bank will maintain its strong ties with its communities and will be better positioned to elevate its impact using the totality of resources that the larger organization will be able to provide. Brookline and Berkshire have longstanding reputations for strong corporate citizenship and that work will continue in the combined organization.
Service Information
Where can I learn more about the merger?
This website along with our investor relations page, www.brooklinebancorp.com, will be updated as additional information is available.
Will there be a disruption in my services or account access?
You can continue to bank as usual. There will be no interruption in access to your accounts or services at this time. Any changes in services, account access or technology would occur after the merger is finalized and would be communicated to you in advance.
What steps do I need to take right now? Will I receive additional information?
At this time, you do not need to do anything. Brookline and Berkshire will communicate with you throughout the process with additional information and directions about any actions you may need to take.
I’m a PCSB client. May I use one of Berkshire’s branches?
Not at this time. You will be able to enjoy the extended network of branches in Massachusetts, Rhode Island, and New York after the merger and any associated system conversions. We will provide more information in the future.
If you didn’t see your question in these FAQs:
Please contact your banker directly, visit one of our branches, or reach out to our Customer Service Center at 1-888-808-4700.