secwatch.observer — SEC 8-K summary
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Issuer:     Beacon Financial Corp (BBT)
CIK:        0001108134
Form:       8-K
Filed at:   2024-10-17T23:59:59+00:00
Accession:  0000943374-24-000411
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108134/000094337424000411/0000943374-24-000411-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1108134/000094337424000411/form8k_101624.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000411

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer