October 6, 2017
Berkshire Bank's $209M Commerce acquisition approved
Courtesy/Creative Commons/Terageorge
Berkshire Hills Bancorp has received approvals to acquire Commerce Bank in Worcester.
By Zachary Comeau
Pittsfield-based Berkshire Hills Bancrop, Inc. has received regulatory approvals to acquire Commerce Bancshares Corp. and its subsidiary Commerce Bank for $209 million.
Commerce shareholders approved the merger last month. The acquisition is expected to close on Oct. 13.
With the merger, Berkshire will now find its way into the Worcester and Boston areas by taking over 16 Commerce locations. The merger adds $1.9 billion in assets to Berkshire’s $10 billion.
Once the merger is complete, Commerce shareholders will be entitled to 0.93 shares of Berkshire common stock for each share of Commerce common stock.
Berkshire first announced the merger in May, saying its assets were expected to increase to $12 billion following the acquisition.
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