---
schema_version: "secwatch.filing_event.v1"
accession: "0000943374-24-000411"
form_type: "8-K"
ticker: "BBT"
cik: "0001108134"
company_name: "Beacon Financial Corp"
filed_at: "2024-10-17T23:59:59+00:00"
generated_at: "2026-05-30T13:02:03.489014+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Berkshire Hills sells $46.5M Upstart loans at loss; completes sale of 10 NY branches

## Summary
- Upstart loan sale: $46.5M book value sold at 96%, net charge-off $1.9M.
- Remaining Upstart loans ~$10M (11 bps of total loans at June 30, 2024).
- Branch sale: $383M deposits & $50M loans transferred; 40 employees offered jobs by buyers.
- Expected pre-tax non-operating income of ~$16M ($12M after-tax) from branch sale in Q3.
- Branch network reduced to 83 offices in New England and New York.

## SEC filing metadata
- accession: 0000943374-24-000411
- form_type: 8-K
- ticker: BBT
- cik: 0001108134
- company_name: Beacon Financial Corp
- filed_at: 2024-10-17T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108134/000094337424000411/0000943374-24-000411-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1108134/000094337424000411/form8k_101624.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000943374-24-000411
- JSON: https://secwatch.observer/filing/0000943374-24-000411.json
- Plain text: https://secwatch.observer/filing/0000943374-24-000411.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.