Banker & Tradesman file photos
Berkshire Bank and the multi-bank parent company for Brookline Bank announced they have received all required regulatory approvals to complete their $1.1 billion proposed merger.
The deal first announced last winter will see the combined entity eventually become Beacon Financial Corporation, doing business as Beacon Bank & Trust – Beacon Bank for short.
The regulatory approval process included approvals from the Federal Reserve as well as the Massachusetts Division of Banks, New York State Department of Financial Services and Rhode Island Department of Business Regulation. As previously announced, stockholders of Berkshire and Brookline Bancorp approved all proposals required for the merger of equals at stockholder meetings on May 21.
“We’re pleased to have received all regulatory approvals as scheduled to bring together two strong organizations,” Brookline Bank Chairman and CEO Paul Perrault, who will serve as CEO of the combined company said in a statement. “Following months of collaboration between the Berkshire and Brookline teams, we are prepared for a successful integration and to realize the full potential of this combination.”
Berkshire and Brookline expect the merger closing to be completed effective Sept. 1. Upon closing, Beacon Financial Corporation will become a $24 billion regional banking franchise with more than 145 branch offices and a longstanding history of serving clients and communities.
Customers will continue to be served through their respective Berkshire Bank, Brookline Bank, Bank Rhode Island and PCSB Bank branches, websites, mobile apps, financial advisors and relationship managers under existing brand names. Customers will begin to see updates such as the new name on statements, in online banking and at branches as the combined company prepares for a full transition to the Beacon Bank brand, along with integration of banking systems in the first quarter of 2026.
“The scale, efficiency and operational strength created by the combined company will allow us to better serve our clients, employees, stockholders and communities,” Berkshire board chair David M. Brunelle, who will continue in that role for the combined company, said in a statement.
