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Berkshire Hills and SI Financial receive regulatory approvals for pending merger.

BANKING AND CREDIT NEWS-May 17, 2019--Berkshire Hills and SI Financial receive regulatory approvals for pending merger

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Global Banking News - 17 May 2019

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Berkshire Hills Bancorp Inc. (NYSE: BHLB) and SI Financial Group Inc. (NASDAQ: SIFI) have said that they have received all regulatory approvals for the merger of SI Financial with and into Berkshire.

SI Financial shareholders had previously approved the merger at a special meeting of shareholders on April 2, 2019. Subject to the satisfaction of customary closing conditions, the transaction is expected to close as on May 17, 2019.

On completion of the transaction and as announced earlier, SI Financial shareholders will receive 0.48 shares of Berkshire common stock for each share of SI Financial common stock. The exchange ratio is fixed and the transaction is expected to qualify as a tax-free exchange for shareholders of SI Financial.

With nearly USD12.2bn in assets, Berkshire Hills Bancorp is the parent of Berkshire Bank. The company has 109 full service branches throughout Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania providing personal and business banking, insurance and wealth management services. In addition, the company offers mortgages and specialised commercial lending services in target national markets.

SI Financial Group Inc. is the holding company for Savings Institute Bank and Trust Company. Headquartered in Willimantic, Connecticut, Savings Institute Bank and Trust Company is a community-oriented financial institution that offers a full-range of financial services to individuals, businesses and municipalities within its market area through its 23 branch locations.

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Publication:M2 Banking & Credit News (BCN)
Date:May 17, 2019
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