The Berkshire Eagle reports that Berkshire Hills Bancorp the parent company of Berkshire Bank – one of the strongest supporters of 1Berkshire and The Smart Cleanup Coalition – is moving closer with its plans to purchase Legacy Bancorp. In the meantime Legacy Banks has plans to sell four local branches once the takeover is complete.
According to the Eagle, these four branches employ 20 people and hold a combined total of $158 million of its customers money.
The branches are located from one of the county to the other: at 700 Main Street in Great Barrington; 76 Park Street in Lee; at 609 Merrill Road in Pittsfield; and at 331 State Road in North Adams.
The Justice Department must approve who purchases the Legacy branches. This sale is believed to be the final part of $110 million purchase of Legacy by Berkshire Hill Bancorp.
Christine Varney, assistant attorney general in charge of the Department of Justice’s Antitrust Division thinks this is a good deal for Berkshire County bank customers:
“With the divestiture, consumers and small businesses in Berkshire County will continue to enjoy the benefits of competition in banking services.”
Well not anywhere near as much as officials at Legacy Bancorp. When it comes to enjoying banking services, J. William Dunleavy and Patrick J. Sullivan have the rest of us beat by a mile.
The Eagle cites data from the U.S. Securities and Exchange Commission showing that Dunleavy, the Chairman and CEO of Legacy Bancorp, will be receiving a total value of cash and stock and other corporate perks of $1,849,578 after the Berkshire Hill Bancorp deal is complete.
Patrick J. Sullivan, President of Legacy Bancorp, will only receive a package valued at $1,394,864.
Richard Sullivan, Senior Vice-President, Real Estate will get $533,244 and Kimberly Matthews, Senior Vice-President and General Counsel, will receive $212,839.
This is one time when a PR campaign makes perfect sense: “Welcome to Legacy Bank – Bank smarter. Live Easier.”
As for Berkshire Bank, well they are already “America’s Smartest Bank” with $3.2 billion in assets and 48 full service branch offices in Massachusetts, New York, and Vermont.