Berkshire County — On February 23, Beacon Financial Corporation announced the completion of the merger of Berkshire Bank, Brookline Bank, Bank Rhode Island, and PCSB Bank of New York into Beacon Bank.
First announced in early August, the merger closed in September according to Bank Director of Corporate Communications Alison Skratt; however, the banks continued to do business under their legacy brand names until late February.
Berkshire Bank opened in Pittsfield on February 6, 1846.
During its 179-years as Berkshire Bank, it expanded to 83 branches throughout Massachusetts and New York, with a total of $12 billion in assets.
Following the merger with Beacon Bank, the bank now operates 145 branches throughout New England and New York, with $23.2 billion in assets.
“The purpose of the merger was to become a better bank in order to serve our communities and our customers,” Bank President of the Berkshire and Capital Region James Morris told The Berkshire Edge. “While we did get larger through the merger of multiple banks, what we bring to the table is more tools, more products, and programs. Most importantly, we bring local decision-making and local loan authority. It means that we have people who have the authority to make decisions on the ground in Pittsfield.”
Morris said the merger has allowed the bank to add programs, including a commercial leasing program. “This program is something that we did not have in our tool belt before [as Berkshire Bank],” he said. “And across all of our commercial programs, we are now able to go deeper with larger capacity for each of our customers. Not only are we always thinking about how we can help our customers, but also how we can help our existing customers more. Oftentimes, it is with an additional product that we’ve not had in the past. We now have the capacity to go larger with some of our loans, particularly with our commercial real estate developers.”
Morris said minimal changes are being made to each bank branch, except for changes in signage, replacing furniture, and new color schemes for each building. “Customers will see the same teams when they walk into a branch,” he said. “They will see the same manager and the same tellers they will continue to work with.”
According to Morris, there are no plans to reducing staffing at the former Berkshire Bank branches. “All branch teams are intact,” he said. “And if anything, we’ve probably increased our number of staff by filling vacancies. It will all be the same teams going forward.”
The Berkshire Bank Foundation will also continue under the merger. “We have a long history of supporting many nonprofits throughout Berkshire County, and our foundation will continue to do so,” Berkshire Bank Foundation Director Lori Gazzillo Kiely said. “We also have a very developed volunteer program that is robust and employee driven.”
The foundation was created in 2000 after Berkshire Bank became a publicly traded company on the New York Stock Exchange.
“We will continue to support nonprofits that address critical services in our neighborhoods,” Kiely said. “These needs include education and neighborhood revitalization, with specific emphasis on organizations that serve low- and moderate-income populations.”
Morris added that he wants existing Berkshire Bank customers to know that “we are still here for them.” “While our capabilities have grown through this merger, we are still here with the accountability of a community bank,” he said. “We are excited not only to continue these relationships, but also to grow them with the capabilities that our merger brings to us. I can’t stress enough that we will continue to have local authority when it comes to our lending decisions. These decisions are made here in Berkshire County and not a faraway city.”
“We are as committed to Berkshire County as we have ever been,” Kiely added. “We are looking forward to the future and continuing our support to the community through our banking products and services.”
For more information about Beacon Bank, visit its website.
