Berkshire Bank to Sell Select Upstate and Eastern New York Branches

Berkshire Bank to Sell Select Upstate and Eastern New York Branches 


Berkshire Bank has entered into definitive agreements with three buyers to sell 10 of its upstate and eastern New York branches to strengthen its focus in its core New York markets and position the bank for future success across its footprint.  

The acquiring institutions are like-minded organizations that provide an exceptional customer experience, share Berkshire’s core values and are dedicated to the communities they serve. 

Berkshire remains committed to continuing to serve the financial needs of our important core New York markets in the Capital Region and Mohawk Valley where we operate 16 other branches. The bank will continue to be the trusted advisor our customers have come to depend on for more than 175 years, providing tailored solutions to support their financial goals. 

The transactions do not include Berkshire’s Commercial Banking or Business Banking relationships in the affected areas. 

For more information on the proposed sale, please contact us at 833-BERKBNK and see our Customer FAQs below:
 


FAQs: Berkshire Bank to Sell Select Upstate and Eastern New York Branches

Berkshire Bank has entered into agreements to sell 10 upstate and eastern New York branches, subject to customary regulatory approvals. The sales consist of all branch premises and equipment, as well as deposits, residential mortgages and consumer loans related to the locations. The branches include:

Hudson Valley Credit Union, based in Poughkeepsie, New York:
  • Rotterdam, New York, at 1925 Curry Road
  • Niskayuna, New York, at 120 Mansion Square
  • Guilderland, New York, at 1704 Western Avenue
  • Colonie, New York, at 98 Wolf Road
  • Malta, New York, at 2532 Route 9
  • Halfmoon, New York, at 7 Halfmoon Crossing
  • ​Chatham, New York, at 50-52 Main Street
  • Hudson, New York, at 561 Warren Street
Glens Falls National Bank and Trust Company, based in Glens Falls, New York, and part of Arrow Financial Corporation:
 
  • Whitehall, New York, at 184-190 Broadway
Pathfinder Bank, part of Pathfinder Bancorp Inc. and based in Oswego, New York:
 
  • East Syracuse, New York, at 6611 Manlius Center Road
The proposed sales will allow Berkshire to strengthen its focus in its core New York markets and position the bank for future success across its footprint. The acquiring institutions are like-minded organizations that provide an exceptional customer experience, share Berkshire’s core values and are dedicated to the communities they serve. Berkshire remains committed to continuing to serve the financial needs of our important core New York markets in the Capital Region and Mohawk Valley where we operate 16 other branches. The bank will continue to be the trusted advisor our customers have come to depend on for more than 175 years, providing tailored solutions to support their financial goals. 
The sales are targeted for completion by the end of the third quarter of 2024, subject to customary regulatory approvals and associated system conversions. 
At this time, customers at affected locations do not need to take any action.  
Berkshire Bank, Hudson Valley Credit Union, Glens Falls National Bank and Trust Company and Pathfinder Bank will provide additional information about the transition to affected customers as we get closer to the date when the sales will be finalized. We expect the sales to be finalized by the end of the third quarter 2024, subject to customary regulatory approvals and associated system conversions. 
There should be no impact on your account access. As we get closer to a final transition date, you will receive additional information from the new institution on the account transfer process. 
The sales will have no effect on Berkshire’s Commercial or Business Banking relationships in the New York market.   
They will have no impact to Berkshire’s 16 other New York locations nor to customers with relationships in other Berkshire Bank offices not associated with the branches in the proposed transactions. Customers at our remaining locations will continue to work with the same bankers as they did prior to the announcement. Our core New York markets remain important to Berkshire and we are committed to serving the regions’ financial needs. 
Berkshire used a thoughtful process to find buyers that are like-minded organizations committed to retaining all employees in the branches being sold. Employees will continue to provide customers with the same level of service, care and attentiveness throughout the transition. Once the sale is finalized, Berkshire Bank employees at impacted locations will become employees of the new financial institution.  
  • Hudson Valley Credit Union: With $7 billion in assets, Hudson Valley Credit Union (HVCU) has been a community partner in the region for 60 years. HVCU serves consumers and businesses in Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, and Westchester counties in New York State with a variety of financial services, including investments and insurance. Recently awarded a Great Place to Work designation, HVCU is federally insured by the NCUA and is an Equal Opportunity Lender. To learn more, visit hvcu.org. 
  • Glens Falls National Bank and Trust Company: Part of the Arrow Family of Companies, Glens Falls National Bank and Trust Company serves Warren, Washington, northern Saratoga, Essex and Clinton counties through 26 offices. A full-service commercial bank, it offers a broad range of financial services, including online and mobile banking; consumer and commercial loans; trust and retirement services; money market and deposit accounts; wealth management; and insurance services. The Arrow Family of Companies also includes Saratoga National Bank and Trust Company. 
  • Pathfinder Bank: Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. It has 11 full-service offices located in its market areas consisting of Oswego and Onondaga counties and one limited-purpose office in Oneida County. The bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp).  
Any account you already hold with one of the acquiring institutions will remain unaffected. You will receive further information from the acquiring institution when it is time to transfer your Berkshire Bank account to the new institution.