Massachusetts lender Berkshire Hills Bancorp Inc. says it finalized its $109 million stock purchase of smaller in-state rival Hampden Bank, effective Monday.
Both banks announced their merger plans last November.
The Pittsfield, Mass., parent of Berkshire Bank acquired Hampden and its 163-year-old flagship, Hampden Bank. Both banks’ markets extend into the Greater Springfield region.
The merger added Hampden’s $701 million in assets, boosting Berkshire’s total assets to $7.1 billion and 98 branches in Connecticut, Massachusetts, New York and Vermont.
In 2013, Berkshire Hills paid $30 million to acquire former Connecticut Bank & Trust in Hartford, which now operates as Berskshire Bank-CBT Region.
Berkshire officials said the parent’s outstanding common stock has increased to approximately 29.5 million shares, resulting in a market capitalization exceeding $800 million.
