Pittsfield’s Berkshire Hills Bancorp Inc. has completed the acquisition of Legacy Bancorp Inc., and Berkshire Bank has completed the merger of Legacy Banks, effective today.

Berkshire Hills now has more than $4 billion in assets and more than 60 branches serving Massachusetts, New York and Vermont. Berkshire Hills has increased its outstanding common stock to approximately 21 million shares with a market capitalization of more than $480 million, based on recent trading prices.

"This acquisition results in improved market share and an expanded footprint in our attractive Northeastern markets," said Berkshire Hills President and CEO Michael P. Daly. "It contributes to our strong momentum in revenue and earnings growth. This partnership enhances our resources to support the needs of our regions and to provide exceptional locally based service."

Each common shareholder of Legacy Bancorp will receive 0.56385 shares of Berkshire Hills common stock plus $1.30 in cash for each share of Legacy stock. Legacy shareholders also will receive cash in lieu of fractional shares based on the average closing price of Berkshire Hills’ common stock of $22.86 for the five consecutive trading days ended July 14. Additionally, Legacy shareholders at the effective time of the merger will receive an estimated 15-cents per Legacy share from the proceeds of certain branch divestitures later in the year. Based on Berkshire Hills’ $23.06 closing stock price as of July 20, the estimated value of the merger to Legacy shareholders is $14.45 per share.