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Berkshire Hills Completes Acquisition Of CBT

Apr 20, 2012 | Reprints | Unlock Link | Print

Berkshire Hills Bancorp. Inc. has completed its acquisition of CBT – The Connecticut Bank and Trust Co., a $280 million bank with eight offices serving the Hartford, Conn. area.

Berkshire Hills is the parent of Berkshire Bank, with more than $4 billion in assets and 60 branches serving Massachusetts, New York, and Vermont. CBT has been merged into Berkshire Bank, and the Connecticut offices will operate under the name "Berkshire Bank – CBT Region."

"We are delighted to welcome the CBT team to the Berkshire Bank family. We look forward to building on the strong foundation that they have established in Connecticut," Berkshire President and CEO Michael P. Daly said in a news release.

Berkshire paid approximately $9 million in cash and 965,000 shares of BHLB common stock for CBT.

Banking & Lending