Berkshire Bank aquires local branches
JOHNSTOWN – Bank of America branches in Johnstown and Amsterdam recently were bought by Berkshire Bank, according to a news release from Berkshire Bank.
The locations, at 140 Sanford Farms Plaza, Amsterdam, and 51 W. Main St., Johnstown, are among 20 retail bank branches Berkshire bought from Bank of America.
According to the release, the branches hold approximately $640 million in deposits and $5 million in loans.
“Both banks will be working closely together to ensure a seamless transition for customer accounts and associates transferring to Berkshire Bank,” the release said. “Berkshire intends to offer continued employment to branch associates who are on staff when the acquisition is completed.”
According to the release, the acquisition needs approval from the Federal Deposit Insurance Corp. and the Commonwealth of Massachusetts. It is expected to be finalized in the first quarter of 2014.
Berkshire CEO Michael Daly said he is pleased to work with new customers in the area and “servicing their banking, insurance and wealth-management needs.”
With the new acquisitions, Berkshire Bank will have 94 branches in total, 37 of them in New York state.