Pittsfield, Mass.-based BerkshireBank is seeking to buy certain assets and assume certain liabilitiesof Rutland, Vt.-based firm Ronald N. Lazzaro PC, according to a regulatory filing.
The filing added that following deal completion, the firm willcontinue as a shell company owned by its existing owners, but operating under itsnew name, until it settles its remaining obligations not assumed by Berkshire Bank.
Following deal completion, the bank plans to integrate the firm'semployees and acquired assets into the bank's retail investment services line ofbusiness BerkshireBanc Investment Services. BerkshireBanc provides financial, retirement,and investment planning services.
The bank expects the transaction to help extend its servicesin Rutland, Vt. Furthermore, the bank plans to offer Ronald Lazzaro, founder ofthe firm, and Joan Lazzaro a place on the team. Joan Lazzaro currently plans toretire at or before deal completion.
The deal, subject to regulatory approvals, is expected to closein the fourth quarter.
Berkshire Bank is a unit of Berkshire Hills Bancorp Inc. ($8.04 billion).