Berkshire Bank's profits grew 23%
Courtesy/Creative Commons/Terageorge
Berkshire Hills Bancorp completed an agreement to acquire Commerce Bank in Worcester.
Following its completion of an agreement to acquire Worcester-based Commerce Bancshares, net income at Berkshire Hills Bancorp, Inc. grew by 23 percent in the second quarter.
The bank’s net income for the second quarter was $19.7 million, or $0.53 per share. Total assets increased at a 10-percent annualized rate in the first half of the year to $9.6 billion. The bank said it plans to cross the $10-billion asset mark soon.
Following its acquisition of Commerce, Berkshire said it planned to move its headquarters to Boston. Total revenue for the quarter was up 42 percent, to $102.3 million from $72 million the year before.
Also in the second quarter, the bank formed an alliance with the Princeton Advisory Group, which manages more than $700 million in client investments. Its wealth management group also recruited new talent in Albany, N.Y.
Correction: A previous headline of this story called Berkshire Bank the parent company of Commerce Bank, when the proposed acquisition has not yet been completed. In May, Berkshire said the transaction could take six to nine months to close. A clarification has also been added to reflect that Berkshire plans to move its headquarters to Boston.
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