A Berkshire Bank storefront branch in Boston’s Brighton neighborhood. Photo by James Sanna | Banker & Tradesman Staff

Boston-based Berkshire Bank will sell off 10 of its Upstate and Eastern New York State branches to three separate buyers, along with associated deposits and loans.

The bank announced the deal Monday, saying the sales will be finalized by the end of the third quarter pending regulatory approvals. Berkshire did not announce any income from the deal.

The sales include approximately $485.5 million in deposits, $60.5 million in related residential mortgages and consumer loans along with the branch buildings and equipment. The transactions exclude Berkshire’s commercial banking business.

Hudson Valley Credit Union is purchasing eight locations in the greater Albany area, Glens Falls National Bank and Trust Co. is purchasing one location in Whitehall, New York and Pathfinder Bank is purchasing one location in East Syracuse, New York, leaving Berkshire with only 86 branches across the Northeast and Mid-Atlantic, including 16 in New York State.

The sales, CFO David Rosato said in a statement, let Berkshire “create efficiencies” by exiting certain markets without having to pay severance to branch employees, who will all be offered jobs at the branches’ new owners, or incur real estate costs due to breaking a lease.

“Our announcement today is another step in our continued efforts to create efficiencies in our branch network so we can continue to invest in our bankers and client experience to further improve our long-term profitability,” CEO Nitin Mhatre said in a statement. “The proposed sales will concentrate our overall geographic footprint and lower our expense run rate, while strengthening focus in our core New York markets. The branch sales combined with a future securities sale will not materially increase borrowings and will be effectively neutral to full year 2024 earnings outlook.”