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May 16, 2019

Windham’s SIFI, Berkshire Bank merger to close Friday

berkshire bank si financial boston banking PHOTO | Contributed Berkshire Bank, 16 Albany Turnpike, Simsbury.

The planned $180 million merger between Windham lender Savings Institute Bank & Trust Co. and Massachusetts regional lender Berkshire Hill Bancorp Inc. is expected to close Friday, officials say.

Both state and federal bank regulators have blessed the all-stock deal, officials announced Thursday. The combination is now expected to be effective at the close of business on Friday, subject to customary closing conditions.

The regulatory approvals come more than a month after parent SI Financial Group Inc. stockholders approved the merger.

Under the deal, SI Financial stockholders will receive 48 cents of Berkshire common stock for each share of SI Financial common stock. 

Based in Boston, Berkshire Hills, the parent of Berkshire Bank, has $12.2 billion in assets and 109 banking offices.

The combination would add to Connecticut’s ongoing community-bank consolidation.

Last fall, former Farmington Valley community lender Farmington Bank merged with Bridgeport regional lender People’s United Bank in a $544 million stock deal.

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