BOSTON, May 17, 2019 /PRNewswire/ -- Berkshire Hills
Bancorp, Inc. (NYSE: BHLB) ("Berkshire") completed the acquisition of SI
Financial Group, Inc. ("Savings Institute") and the merger of
Savings Institute and Trust Company into Berkshire Bank effective
at the close of business today.
"We are excited to welcome Savings Institute's customers,
employees and shareholders to the Berkshire family," commented Chief Executive
Officer, Richard Marotta. "The
Savings Institute team has been receptive and worked cohesively
with our teams as we moved towards closing. We look forward
to continuing our work with our new colleagues as we bring our full
suite of products and expanded resources to their markets.
Our next steps include completing the integration of Savings
Institute following the planned systems conversion in October."
Berkshire issued approximately
5.7 million common shares as merger consideration in the stock for
stock exchange detailed in the merger agreement. The total
stock consideration is valued at approximately $176 million. Including the new shares
issued, Berkshire's outstanding
common stock has increased to approximately 51.2 million shares,
resulting in a market capitalization of approximately $1.6 billion.
With this acquisition, Berkshire adds eighteen branches in Eastern CT
and five branches in Rhode
Island. The merger adds approximately $1.7 billion in assets and $1.3 billion in low cost deposits.
ABOUT BERKSHIRE
HILLS
Berkshire Hills Bancorp is the parent of Berkshire Bank, a
premier regional bank distinguished by its local responsiveness and
engagement. With corporate headquarters in Boston, the Company operates in seven
Northeastern states, with $13.9
billion in assets and 132 banking offices. Berkshire
Bank, is recognized for its entrepreneurial approach, relationship
customer experience and distinctive culture. Berkshire provides business and consumer
banking, mortgage, wealth management, investment and insurance
services.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include , but are not
limited to, statements about (1) the benefits of the merger between
Berkshire and SI Financial,
including anticipated future results, cost savings and accretion to
reported earnings that may be realized from the merger; (2)
Berkshire's plans, objectives,
expectations and intentions and other statements contained in this
presentation that are not historical facts; and (3) other
statements identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" or words of
similar meaning.
Forward-looking statements involve risks and uncertainties that
may cause actual results to differ materially from those in such
statements. The following factors, among others, could cause actual
results to differ materially from the anticipated results expressed
in the forward-looking statements: the cost savings from the merger
may not be fully realized or may take longer than expected;
operating costs, customer loss and business disruption following
the merger may be greater than expected; credit and interest rate
risks associated with Berkshire's
business; and difficulties associated with achieving expected
future financial results. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements include those discussed in Berkshire's and SI Financial's reports (such
as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K) filed with the SEC and available
at the SEC's Internet website (www.sec.gov). All subsequent written
and oral forward-looking statements concerning the proposed
transaction or other matters attributable to Berkshire or any person acting on their behalf
are expressly qualified in their entirety by the cautionary
statements above. Except as required by law, Berkshire does not undertake any obligation to
update any forward-looking statement to reflect circumstances or
events that occur after the date the forward-looking statement is
made.
CONTACTS
Investor Relations: Erin Duggan;
Investor Relations Manager; 413-236-3773
Media: Elizabeth Mach;
Senior Vice President, Marketing Officer; 413-445-8390
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SOURCE Berkshire Hills Bancorp, Inc.