Pittsfield, MA – Berkshire Bank, a wholly-owned subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), and Renaissance Investment Group, LLC ("RIG") announced that they completed a succession of ownership transaction on October 31, 2016 that allows RIG to more closely align its company goals with those of its clients. The transfer of ownership will allow Renaissance Investment Group to develop its strategic growth and continue providing exceptional service to its clients.
In order to effect this transaction, a joint venture company was formed to acquire Renaissance. The majority ownership of the company resides with Trevor Forbes, with the remaining minority position held by an independent investment advisor, Stratos Wealth Partners of Beachwood, Ohio.
Stratos is a nationwide partnership of financial advisors and oversees over $4 billion in assets under management. This association will enable Renaissance to operate independently providing the same approach to investment management and client service to which their clients have become accustomed. In addition, the affiliation with Stratos will enable Renaissance to obtain the necessary financing and support to complete the purchase of Renaissance Investment Group, LLC from Berkshire Bank. Financial terms of the transaction were not disclosed.
Trevor Forbes, CEO of Renaissance Investment Group, said, "Renaissance is a long established and important Berkshire County based investment management company. We are proud to have a loyal and dedicated team, with an average experience of 35 years, who provide financial counseling, investment management and a continuity of service for our clients. We are pleased to engage Stratos Wealth Partners as an affiliate and shareholder, and we believe that we couldn't have asked for a better partner to help us continue to grow our business and provide our clients with the same personalized, comprehensive service they have come to expect and appreciate."
Renaissance Investment Group will retain its current office location in Berkshire Bank at 25B Main St., in Lenox, MA until Dec. 31, 2016. After January 1, 2017, the RIG team of Trevor Forbes, CEO and Head of Investments, Tom Malinowski, Financial Counselor, Paula Hilchey, Chief Compliance Officer, Lori Killeen, Sr. Administrator and Head of Operations, Chris King, Senior Investment Counselor and Portfolio Manager and Kathy Blair, Administrator will relocate to a new address at Lenox Commons, in Lenox, MA.
The success of this transaction represents an opportunity for Berkshire Bank to grow and evolve its existing Wealth Management Group.
ABOUT BERKSHIRE HILLS
Berkshire Hills Bancorp is the parent of Berkshire Bank – America's Most Exciting Bank®. The Company, recognized for its entrepreneurial approach and distinctive culture, has approximately $7.9 billion in assets and 91 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services. For more information, visit https://clicktime.cloud.postoffice.net/clicktime.php?X=XID013ukcuKn0856Xd2&U=www.berkshirebank.com&T=
ABOUT RENAISSANCE INVESTMENT GROUP, LLC
Renaissance Investment Group, LLC was established in 2000 to provide highly personalized investment and financial counseling services to individuals, families, fiduciaries, and organizations. Renaissance offers a client-focused approach to protecting wealth and growing assets. For more information, visit www.rigllc.com.
Contact: Elizabeth Mach
E-Mail: [email protected]
Renaissance Investment Group, LLC