Arrow Financial Acquires Berkshire Bank Branch In Whitehall, New York
Portfolio Pulse from Nabaparna Bhattacharya
Arrow Financial Corporation (NASDAQ:AROW) has acquired a Berkshire Bank branch in Whitehall, New York, from Berkshire Hills Bancorp, Inc. (NYSE:BHLB). The acquisition is part of a deal where Berkshire Bank is selling 10 of its branches in upstate and eastern New York. This sale reduces Berkshire Hills' branch footprint from 96 to 86 locations. All employees of the Whitehall branch will be offered positions within the Arrow Family of Companies, with the sale expected to complete by the end of Q3 2024. Following the sale, Glens Falls National Bank, a subsidiary of Arrow Financial, will operate nine branches in Washington County.
March 05, 2024 | 10:41 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Berkshire Hills Bancorp, Inc. sells a branch to Arrow Financial, reducing its overall branch footprint from 96 to 86 locations.
The sale of the Whitehall, NY, branch to Arrow Financial Corporation is part of Berkshire Hills Bancorp's strategy to reduce its branch footprint. This reduction from 96 to 86 locations could be viewed negatively by investors as a downsizing effort, potentially leading to a short-term decrease in BHLB's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
POSITIVE IMPACT
Arrow Financial Corporation acquires a branch in Whitehall, NY, from Berkshire Hills Bancorp, expanding its market presence.
The acquisition of the Berkshire Bank branch in Whitehall, NY, by Arrow Financial Corporation is a strategic move to expand its market presence and increase its branch network in Washington County. This expansion could positively impact investor sentiment and potentially lead to an increase in AROW's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90