BOSTON, Mass., October 4, 2019 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has completed the acquisition of SI Financial Group, Inc. with the systems integration of Savings Institute Bank & Trust into Berkshire Bank, effective at the close of business on October 4, 2019.
"We're excited to officially welcome Savings Institute Bank & Trust's customers, employees and shareholders to the Berkshire family," commented Chief Executive Officer, Richard Marotta. "Savings Institute Bank & Trust has a long-standing reputation as a top-quality financial institution as well as a strong community partner. We're pleased to continue this tradition while bringing Berkshire's additional products and culture of energy and service to our new customers, employees and the communities in which they live and work. This acquisition marks a new chapter for Berkshire, taking us over $13.7 billion in assets and solidifies our Connecticut presence as we transition to a 21st-century community bank."
Former Savings Institute Bank & Trust's Chief Executive Officer, Rheo Brouillard, along with Chief Operating Officer, Laurie Gervias, will serve as advisors to Berkshire and liaisons to the local community.
With completion of the systems conversion, Berkshire adds twenty-three branches in the Connecticut and Rhode Island areas. The merger has added approximately $1.7 billion in assets, bringing the combined assets to 13.7 billion.
ABOUT BERKSHIRE HILLS
Berkshire Hills Bancorp is the parent of Berkshire Bank, a premier regional bank distinguished by its local responsiveness and engagement. With corporate headquarters in Boston, the Company operates in seven Northeastern states, with approximately $13.7 billion in assets and 132 banking offices. Berkshire Bank is recognized for its entrepreneurial approach, relationship customer experience, and distinctive culture embracing and celebrating the diversity of all customers, employees, and suppliers. For more information, visit www.berkshirebank.com.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. Berkshire does not undertake any obligation to update forward-looking statements.
Aaliyah Outlaw; Corporate Communications Manager
Dave Gonci; Capital Markets Director;