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April 20, 2012

Hartford's CBT sold to Berkshire Hills of Mass.

Billion-dollar Massachusetts lender Berkshire Hills Bancorp finalized its $30 million acquisition of Hartford's Connecticut Bank and Trust Co. Friday, officially giving the Pittsfield bank its first presence in the Nutmeg State.

As part of Berkshire Bank, CBT's Connecticut branches will run under the name "Berkshire Bank -- CBT Region."

CBT had $280 million in assets and eight branches in Glastonbury, Newington, Rocky Hill, Vernon, West Hartford, Windsor and two in Hartford.

With the purchase, Berkshire now has $4.3 billion in assets and 68 full service branch offices in Massachusetts, New York, Connecticut, and Vermont.

Berkshire paid approximately $9 million in cash and the rest in stock to complete the deal.

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