Berkshire Hills, the parent company of Berkshire Bank, and Brookline Bancorp, the parent company of Brookline Bank, Bank Rhode Island and PCSB Bank, received all required regulatory approvals to complete their proposed merger of equals and become Beacon Financial.
Berkshire and Brookline expect the merger closing to be completed effective Sept. 1, 2025, subject to the satisfaction of the remaining customary closing conditions. Upon closing, the combined company will become a $24 billion regional banking franchise serving the Northeast with more than 145 branch offices and a longstanding history of serving clients and communities.
The regulatory approval process included approvals from the board of governors of the Federal Reserve System as well as the Massachusetts Division of Banks, New York State Department of Financial Services and Rhode Island Department of Business Regulation. As previously announced, stockholders of Berkshire and Brookline approved all proposals required for the merger of equals at stockholder meetings on May 21, 2025.
“We’re pleased to have received all regulatory approvals as scheduled to bring together two strong organizations,” Paul A. Perrault, chairman and CEO of Brookline, who will serve as CEO of the combined company, said. “Following months of collaboration between the Berkshire and Brookline teams, we are prepared for a successful integration and to realize the full potential of this combination.”
“The scale, efficiency and operational strength created by the combined company will allow us to better serve our clients, employees, stockholders and communities,” David M. Brunelle, chairperson of Berkshire, who will continue to serve as chairperson of the board for the combined company, said.
Following the closing, the combined company will be renamed Beacon Financial and its common shares will trade on the NYSE under the symbol ‘BBT.’ Clients will continue to be served through their respective Berkshire Bank, Brookline Bank, Bank Rhode Island and PCSB Bank branches, websites, mobile apps, financial advisors and relationship managers operating as divisions of Beacon Bank & Trust, commonly known as Beacon Bank. Over time, clients will begin to see updates such as the new name on statements, in online banking and at branches as the combined company prepares for a full transition to the Beacon Bank brand, along with integration of banking systems in Q1/26.
