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Pioneer Savings discloses terms of branch buy

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Pioneer Savings discloses terms of branch buy

Pioneer SavingsBank's purchaseof two Berkshire Bankbranches in New York isexpected to involve the transfer of approximately $1.1 million in loans.

According to an application filed March 28 with the FDIC, thebranches will be acquired for 2.0% of the deposits' average daily closing balanceand accrued interest, plus the loans' accrued interest, the assets' aggregate netbook value, the cash on hand as of the closing date, and an additional $380,000for owned real property.

The deal terms also offer employment at Pioneer Savings to BerkshireBank workers.

Troy, N.Y.-based Pioneer Savings is the parent of . Pittsfield,Mass.-based Berkshire Bank is the subsidiary of Berkshire Hills Bancorp Inc.