Berkshire Hills To Buy SI Financial Group

(RTTNews) - Berkshire Hills Bancorp Inc. (BHLB) Tuesday said it agreed to buy SI Financial Group Inc. (SIFI) and its subsidiary Savings Institute Bank and Trust Company in an all-stock transaction valued at $180 million.

Berkshire's total assets will increase to $13.6 billion including the $1.6 billion in acquired SIFI assets. SIFI reported $1.3 billion in loans and $1.3 billion in deposits as of September 30, 2018.

Richard Marotta, Chief Executive Officer of Berkshire, said, "This transaction is a natural fit and brings with it a stable, longstanding deposit base with leading market position."

Under the agreement, each outstanding share of SIFI common stock will be exchanged for 0.48 shares of Berkshire Hills common stock.

SIFI's President and Chief Executive Officer Rheo Brouillard will be appointed to Berkshire's Board of Directors when the merger is completed.