Berkshire Bank Becoming Beacon Bank
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BOSTON — Berkshire Bank's changing its name once its merger with Brookline Bancorp Inc. of Boston is finalized this year.
The combined financial institutions will be known as Beacon Bank & Trust under parent company Beacon Financial Corp. The merger removes the "Berkshire" name from the bank after 179 years.
It was founded in 1846 as Berkshire County Savings Bank and changed it to Berkshire Bank in 1997 after acquiring Great Barrington Savings Bank. A host of mergers and acquisitions followed and Berkshire's corporate offices left for Boston in 2017.
Berkshire Hills Bancorp made the announcement on Wednesday. The Berkshires-founded banking company expects to complete the "merger of equals" is the third quarter of 2025, subject to regulatory approvals and normal closing conditions.
Brookline Bancorp is the parent company of Brookline Bank, Bank Rhode Island, and PCSB Bank. Paul A. Perrault, chairman and CEO of Brookline, will become CEO of the combined company.
"Our merger of equals will create a powerful financial institution with deep local roots, a broad, complementary footprint and a strong commitment to its employees, clients, stockholders and communities," Perrault said in the statement. "The Beacon Bank name reflects our desire to be a reliable guide in financial decision-making, helping clients reach their goals with clarity, confidence, and trust."
The merger agreement was signed last December to create a financial holding company with $24 billion in assets, $18 billion in total deposits, $19 billion in total loans and more than 140 branches across five states.
Berkshire Bank and Brookline have "complementary geographic footprints with limited branch overlap." Officials say customers will have access to more financial products and services and increased lending capacity but it will maintain local decision making.
According to a press statement from Berkshire Bank, the name "Beacon" was chosen to "reflect the shared vision of the combined organization." The name, logo and colors of blue and goals were approved by the boards of each corporation.
"A beacon represents guidance, strength, and a promise of stability — core principles that the legacy institutions have upheld for generations," according to bank officials.
The logo combines the two B-starting names with a stylized B.
Berkshire Bank's logo had added a gold "X" with a dot (for "exciting") in 2015 and switched its colors from green and gold to navy after it moved to Boston upon acquiring Commerce Bancshares Corp. The Brookline and Rhode Island banks used blue and gray and PCSB Bank blue and green, with stylized tree.
Berkshire Hills Chair David M. Brunelle will continue to serve as board chair for the combined company.
"Our new name honors the legacy of Berkshire and Brookline while looking toward a bright and ambitious future," he said in a statement. "While the name is changing, we remain dedicated to offering trusted financial solutions and local expertise. We look forward to our new company delivering the enhanced capabilities that come from the combined institution’s scale and operational strength."
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