Berkshire Hills Bancorp to sell 10 upstate, eastern New York branches

Berkshire Hills Bancorp announced that its wholly owned subsidiary Berkshire Bank has entered into definitive agreements with three buyers to sell 10 of its upstate and eastern New York branches, consisting of eight offices in Albany, Saratoga, Schenectady and Columbia counties, one office in Whitehall and one office in East Syracuse. The sales include approximately $485.5M in deposits, $60.5M of related residential mortgage and consumer loans along with all branch premises and equipment. The transactions exclude Berkshire’s commercial banking business. Hudson Valley Credit Union is purchasing eight locations in Albany, Saratoga, Schenectady, and Columbia counties, Glens Falls National Bank and Trust Company is purchasing one location in Whitehall and Pathfinder Bank is purchasing one location in East Syracuse. The buyers intend to offer employment to all associated staff. The sales are targeted for completion by the end of the third quarter of 2024 subject to customary regulatory approvals and associated system conversions. They reduce Berkshire’s overall branch footprint from 96 to 86 locations. Berkshire clients at its remaining locations will continue to work with the same bankers as they did prior to the announcement.