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Berkshire Hills completes SI Financial acquisition

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Berkshire Hills completes SI Financial acquisition

Boston-based Berkshire Hills Bancorp Inc. completed the acquisition of Willimantic, Conn.-based SI Financial Group Inc., with Savings Institute Bank and Trust Co. merging into Berkshire Bank.

Following the deal, Berkshire Hills added 18 branches in eastern Connecticut and five branches in Rhode Island, and boosted its assets by $1.7 billion and low-cost deposits by $1.3 billion.

Per the merger agreement, Berkshire Hills issued 5.7 million common shares as merger consideration and the total stock consideration is valued at about $176 million.

With the new shares included, Berkshire Hills' outstanding common stock increased to about 51.2 million shares with a market capitalization of $1.6 billion.