Berkshire Hills, Hampden Bancorp Move Closer to Merger
PITTSFIELD — Berkshire Hills Bancorp Inc. and Hampden Bancorp Inc. jointly reported that all regulatory approvals relating to the merger of Berkshire Bank and Hampden Bank have been received. Hampden shareholders previously approved the merger at a special meeting of shareholders on March 12. The merger is anticipated to close on or about April 17.
“We are very pleased to receive regulatory approval for our merger with Hampden as planned,” said Michael Daly, Berkshire Bank’s president and CEO. “Berkshire has a culture of regulatory compliance and strong risk-management systems that facilitates merger partnerships. We look forward to completing the merger and integration, and to serving Hampden’s customers and welcoming its employees and shareholders.”
Glenn Welch, Hampden Bank’s president and CEO added, “I’m excited to be joining Berkshire’s team and look forward to continuing to work with Hampden’s community supporters and our valued employees who will be a part of the continued growth of this outstanding banking franchise.”
As previously announced, upon completion of the merger, Hampden shareholders will be entitled to receive 0.81 shares of Berkshire common stock for each share of Hampden common stock. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for shareholders of Hampden Bancorp.