CBT merges with Berkshire Bank
Berkshire Hills Bancorp, Inc., the parent company of Berkshire Bank, today completed its acquisition of CBT – The Connecticut Bank and Trust Company, a $280 million bank with eight banking offices serving the Greater Hartford area. Berkshire Bank, America’s Most Exciting Bank, has more than $4 billion in assets and 60 branches serving Massachusetts, New York, and Vermont. CBT has been merged into Berkshire Bank, and the Connecticut offices will operate under the name “Berkshire Bank – CBT Region.”
Berkshire President and CEO Michael P. Daly stated, “We are delighted to welcome the CBT team to the Berkshire Bank family, and we look forward to building on the strong foundation that they have established in Connecticut. We have had a longstanding goal to expand into this growing market as it is a contiguous expansion of our Springfield region, which we have been serving since 2005. This merger is expected to provide immediate financial benefits to BHLB shareholders in accordance with our original expectations. We are eager to introduce America’s Most Exciting Bank as well as our enhanced lending resources and financial products and services to the residents and businesses of Connecticut.” In addition to increased offerings, Berkshire Bank will bring full deposit insurance to its customers in Connecticut with coverage from the Depositors Insurance Fund, a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks.
Recognizing the importance of the CBT brand to those in the region, Berkshire Bank will maintain CBT’s visual identity as well as its name. Additionally, David Lentini, former CBT chairman and chief executive officer, has transitioned to Berkshire Bank as Connecticut regional leader. Daly continued, “This partnership is a natural fit as both organizations share a customer-first philosophy as well as a strong commitment to our communities. We will integrate the CBT Foundation into the Berkshire Bank Foundation, which provided $1.3 million back into the community last year. We plan to continue strong support of important non-profit organizations throughout the greater Hartford market.”
Connecticut Bank and Trust has operated branch offices in Glastonbury, Newington, Rocky Hill, Vernon, West Hartford, Windsor and two in Hartford. These branches will now operate as Berkshire Bank – CBT Region with full systems conversion occurring later this year.
About Berkshire Bank
Berkshire Hills Bancorp is the parent of Berkshire Bank - America's Most Exciting Bank(SM). Including the acquired operations of CBT, Berkshire has $4.3 billion in assets and 68 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services. Berkshire Bank provides 100% deposit insurance protection for all deposit accounts, regardless of amount, based on a combination of FDIC insurance and the Depositors Insurance Fund (DIF). For more information, visit www.berkshirebank.com or call 800-773-5601.
Berkshire Bank. 4.20.2012.