Berkshire Hills Bancorp To Sell 10 Of Its Upstate And Eastern Branches To Three Buyers For ~$485.5M In Deposits, $60.5M Of Related Mortgage And Consumer Loans Along With All Branch Premises And Equipment
Portfolio Pulse from Benzinga Newsdesk
Berkshire Hills Bancorp (BHLB) has announced the sale of 10 of its branches located in upstate and eastern regions to three different buyers. The deal includes approximately $485.5 million in deposits and $60.5 million in related mortgage and consumer loans, along with all branch premises and equipment.
March 04, 2024 | 9:46 pm
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Berkshire Hills Bancorp is selling 10 of its branches, including $485.5 million in deposits and $60.5 million in loans, to three buyers.
The sale of these branches could indicate a strategic move by BHLB to streamline its operations and focus on more profitable or strategic areas. This could potentially improve its financial health by reducing operational costs and reallocating resources more efficiently. The sale includes a significant amount of deposits and loans, which might have a positive impact on liquidity and capital ratios. However, the actual impact would depend on the terms of the sale and how the proceeds are utilized.
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