Company Notebook

Company Notebook

PeoplesBancorp, MHC Closes on Acquisition of First National Bank of Suffield

HOLYOKE — PeoplesBancorp, MHC, the parent company of PeoplesBank, has closed on its acquisition of the First National Bank of Suffield, effective Nov. 30. All the current branches of the First National Bank of Suffield opened and conducted business on Dec. 1 under the trade name First Suffield Bank, a Division of PeoplesBank. First Suffield Bank has four branches located in Suffield, West Suffield, East Granby, and Windsor Locks, Conn. PeoplesBank has 20 banking centers located throughout Hampden and Hampshire counties in Massachusetts. In connection with the completion of the acquisition, one member of the board of directors of First Suffield Bank will join the board of directors of PeoplesBank and the board of trustees of PeoplesBancorp, MHC, the parent company of PeoplesBank, and certain other directors of First Suffield Bank will be provided the opportunity to serve as corporators of PeoplesBancorp. The combined organization has approximately $2.8 billion in assets and $1.9 billion in deposits.

Berkshire Hills to Acquire SI Financial Group

BOSTON — Berkshire Hills Bancorp Inc. and SI Financial Group Inc. announced that they have signed a definitive merger agreement under which Berkshire will acquire SIFI and its subsidiary, Savings Institute Bank and Trust Co., in an all-stock transaction valued at $180 million based on Berkshire’s stock price as of the close of business on Dec. 10. Berkshire’s total assets will increase to $13.6 billion, including the $1.6 billion in acquired SIFI assets. SIFI reported $1.3 billion in loans and $1.3 billion in deposits as of Sept. 30. This merger agreement increases Berkshire’s market presence with 18 branches in Eastern Conn. and five branches in Rhode Island, adding to Berkshire’s nine existing Connecticut branches.

MachineMetrics Announces $11.3 Million Funding Round

NORTHAMPTON — MachineMetrics, which equips factories with the digital tools needed to increase productivity and win more business, announced it has raised $11.3 million in Series A financing. Tola Capital led the round with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels, and Firebolt Ventures. With the new funds, the company will expand its data-science and product-development teams while accelerating global sales. MachineMetrics is a pioneer in industrial IoT (internet of things) technology. Its system is designed so customers can install it themselves without the need for expensive and time-consuming customization. Once installed, manufacturers can collect, visualize, and analyze data from any industrial machine. It automatically senses when there is a problem, even predicting some problems hours or minutes before they occur, and recommends solutions that reduce costly unplanned outages. In addition, MachineMetrics benchmarks a company’s machine performance against those of its peers to help guide future investments. Integrated into factories globally, MachineMetrics serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive, and SECO Tools.

NAI Plotkin Sells Historic Hampden Bank Building

SPRINGFIELD — NAI Plotkin, a leading commercial real-estate brokerage firm, announced it represented the seller in the sale of 1665 Main St., a 2,010-square-foot commercial building, formerly Hampden Savings Bank, located in downtown Springfield. The building was constructed in 1918 and has a glass ceiling with an ornate supporting structure, marble walls, and copper entrance. The asset sold for $285,000, although it last assessed for $127,600. Wilfredo Lopez of NAI Plotkin was the listing broker for the property. RLTY Development Springfield LLC secured the property and, as the new owner, plans to complete restoration of the original bank building and open a retail cannabis location. The building is also located directly across the street from the Paramount Theater and one block from the newly renovated Union Station. The next steps for the new owner will be to gain approval for the retail establishment by the Commonwealth’s Cannabis Control Commission, Springfield Mayor Domenic Sarno, and the City Council.

Bay Path University Named Safest College in Massachusetts

LONGMEADOW — Campus safety is a top consideration for many individuals and their families when it comes to choosing a college to attend. Niche.com compiled a list of the safest college campuses in America, and Bay Path University ranked third out of nearly 1,500 reviewed. The university ranked first for safety in both Massachusetts and New England. “We do as much as we can to ensure that the Bay Path University campus is a safe place,” said Michael Giampietro, vice president for Finance & Administrative Services. “Campus safety is a top priority here. Our Longmeadow campus, in particular, is well-lit with emergency call boxes, and our staff performs routine building checks.” He also credited Bay Path’s small size, and the fact that students, facuty, and staff tend to know each other. “We’re also fortunate for our location in the very safe town of Longmeadow, where we work to maintain a good relationship with the local fire and police departments.” According to Niche.com, the 2019 Safest College Campuses ranking is based on key statistics and student reviews using data from the U.S. Department of Education. The site states that top-ranked colleges offer a safe and healthy environment with little or no campus crime, drugs, or alcohol usage. Specific factors considered include campus crime rate, local crime grade, student surveys on safety, residence-hall date violence rate, residence-hall rape rate, alcohol-related arrests, and drug-related arrests.

AIC Awarded Matching Grant from George I. Alden Trust

SPRINGFIELD — American International College (AIC) has been awarded a $150,000 matching grant from the George I. Alden Trust in Worcester to be applied to the Colaccino Center for Health Sciences building project. George Alden established the George I. Alden Trust in 1912 for the purpose of maintenance of charitable or philanthropic enterprises, with specific interest in the promotion of education in schools, colleges, or other educational institutions. This grant is the largest ever given to AIC by Alden Trust and offers a unique and inspiring challenge: the funds will be realized only if the college’s alumni match the pledge within 18 months. “It is an all-or-nothing match,” said Heather Gawron, executive director of Institutional Advancement for AIC. “We must raise the full $150,000 in order to receive any of the matched funds. With the support of our alumni, we are confident that this prerequisite is achievable and will strive to meet our goal by September 2019.” Alumni interested in learning more about the Alden Trust challenge are encouraged to contact the Office of Institutional Advancement at (413) 205-3520, [email protected], or www.aic.edu/give/alden-grant.

The Channel Company Names NetLogix to Next-Gen 250 List

WESTFIELD — NetLogix announced that CRN, a brand of the Channel Company, named NetLogix to to its 2018 Next-Gen 250 list. The annual list identifies IT solution providers who have embraced emerging technologies and are setting the pace for the rest of the channel in their adoption. Those on the list have been able to meet their customers’ ever-changing IT needs in leading-edge technologies such as cloud computing, IoT, virtualization, mobility, business analytics, and business intelligence.

NetLogix is a network-management, cloud, and systems-technology integrator providing end-to-end solutions that ensure business integrity for small, medium-sized, and enterprise-level clients. The Westfield-based company designs, implements and manages IT solutions spanning computing infrastructure, enterprise management, VoIP, security, and cloud solutions.

Worcester State University, WNEU School of Law Forge Partnership

SPRINGFIELD — Worcester State University (WSU) and Western New England University (WNEU) School of Law have signed a 3+3 articulation agreement that allows undergraduate students attending Worcester State University to apply for admission to the private law school and begin their legal education during their senior year. The agreement shortens the time required for students to earn both a bachelor’s and law degree from seven years to six years. WNEU President Anthony Caprio, who codified the agreement on behalf of Western New England University at the signing ceremony, noted that “this collaborative arrangement with Worcester State University will open doors for more students to access high-caliber legal education with our special brand of individualized student attention.” The agreement means qualified Worcester State University students who successfully complete their major requirements in three years, leaving them with only free electives, will have a seamless transition to Western New England University’s law school during what would be their senior year. Credits earned during the first year of law school will count towards the completion of a bachelor’s degree. Three academic departments at Worcester State will offer an academic gateway into the program: Criminal Justice, History and Political Science, and Philosophy. Upon completion of three years of law school, students earn a juris doctor (JD) from WNEU. With an emphasis on practical lawyering skills, Western New England University’s juris doctor program combines rigorous coursework covering the theory and practical application of the law with extensive experiential opportunities in legal clinics and externships. A variety of concentrations allows individual students to customize their legal education to gain added experience in specific practice areas.

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