Berkshire Hills Bancorp in Boston has agreed to sell 10 branches in New York to three buyers.
The company said in a press release that it will sell eight branches to Hudson Valley Credit Union. It will sell one branch to Arrow Financial and another to Pathfinder Bank.
The branches collectively have $485.5 million in deposits and $60.5 million of residential mortgage and consumer loans. The sales exclude Berkshire’s commercial banking business.
Arrow disclosed that it will gain $39 million in deposits and $3 million in loans from its acquisition.
The sales are expected to close in the third quarter. The pricing wasn’t disclosed.
The planned sales are “another step in our continued efforts to create efficiencies in our branch network so we can continue to invest in our bankers and client experience to further improve our long-term profitability,” Berkshire CEO Nitin Mhatre said in the release.
Berkshire was advised by RBC Capital Markets and Luse Gorman.