Berkshire Hills selling 10 NY branches with $485.5M in deposits; branch count to 86

Beacon Financial Corp

Sales to Hudson Valley Credit Union (8 branches), Glens Falls National Bank (1), Pathfinder Bank (1).
Includes $60.5M in residential mortgage and consumer loans; excludes commercial banking business.
Branch count reduces from 96 to 86; closing targeted for end of Q3 2024, pending regulatory approvals.
Combined branch and securities sale expected to be neutral to full-year 2024 earnings outlook.
Buyers intend to hire all associated staff; Berkshire retains 16 core New York branches.

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