Massachusetts-based Berkshire Hills Bancorp and Brookline Bancorp will take the name “Beacon” when they merge, the companies announced last week.
The $1.1 billion merger, proposed in December, is expected to close this quarter, subject to regulatory approvals, the companies said Wednesday.
That aligns with a time frame Brookline CEO Paul Perrault noted in the bank’s second-quarter earnings call last month. Perrault told analysts July 24 he hoped the merger would close as early as September.
“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,” Perrault said in a statement Wednesday.
The name Beacon also boasts a strong association with Boston – particularly, the city’s historic Beacon Hill neighborhood.
“We wanted a name that conveyed guidance, strength, and the promise of stability, core principles that the legacy institutions upheld for generations and that are essential to the combined organization," Gary Levante, Berkshire’s chief communication and sustainability officer, told American Banker in an email last week.
The logo, too, intentionally nods to Beacon’s predecessors. The top half of the stylized B is gold – a callout to Berkshire’s signature color – while the lower half is Brookline blue.
“Our new name honors the legacy of Berkshire and Brookline while looking toward a bright and ambitious future,” Berkshire Chair David Brunelle 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.”
Beacon will trade on the New York Stock Exchange with the ticker symbol BBT. The banks expect systems integration in the first quarter of 2026.
As announced in December, Brunelle will serve as chair of the combined company, while Perrault will be CEO.
The combined bank is expected to count $24 billion in assets – nearly evenly split at this point. Brookline, with $11.6 billion in assets, reported a $22 million profit in the second quarter. That’s up 34% from a year earlier. Berkshire, with roughly $12 billion in assets, reported quarterly net income of $30.4 million, a 26.7% increase from last year.
“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 Wednesday.
