Bloomberg News

Bank of America Plans Sale of 20 Branches to Berkshire Hills (1)

July 24, 2013

Bank of America Corp. (BAC:US) will sell 20 branches to Berkshire Hills Bancorp Inc. (BHLB:US), Berkshire said today in a statement. Terms weren’t disclosed.

The branches are in New York markets and have about $640 million in total deposits and $5 million in loans, according to the statement. Berkshire’s New York branch count will more than double to 37, the Pittsfield, Massachusetts-based lender said.

Separately, Community Bank System Inc. (CBU:US) of Syracuse, New York, said it will buy eight Bank of America branches in northeastern Pennsylvania, paying a premium of about 2.39 percent for about $369 million in deposits.

Bank of America is ranked second by assets among U.S. lenders. The Charlotte, North Carolina-based firm has been trimming branches and selling operations for the past three years to simplify its structure and build its financial strength after repaying a federal bailout in late 2009.

To contact the reporter on this story: Rick Green in New York at

To contact the editors responsible for this story: David Scheer at; Christine Harper at

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Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $17.62 USD
    • 0.09
    • 0.51%
  • BHLB
    (Berkshire Hills Bancorp Inc)
    • $26.06 USD
    • -0.14
    • -0.54%
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