Berkshire officially closes on $230M Commerce acquisition
Courtesy/Creative Commons/Terageorge
Berkshire Hills Bancorp has officially acquired Commerce Bank.
Berkshire Hills Bancorp, Inc. has completed its acquisition of Worcester-based Commerce Bancshares Corp. and its Commerce Bank and Trust Co., Berkshire announced Friday.
The merger received regulatory approvals earlier this month. The transaction officially closed on Friday, Pittsfield-based Berkshire announced.
The acquisition brings about $1.8 billion in assets to Berkshire, creating an $11.6 billion financial institution.
Berkshire issued 4.84 million common shares and 521,000 shares of non-voting convertible stock as merger consideration valued at $230 million. The bank’s outstanding common stock increases to 45.3 million shares.
Berkshire will now take over 16 Commerce branches in the Worcester and Boston area and will become the largest regional bank headquartered in the state, the bank said in a press release.
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