secwatch.observer — SEC 8-K summary
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Issuer:     Beacon Financial Corp (BBT)
CIK:        0001108134
Form:       8-K
Filed at:   2024-03-04T23:59:59+00:00
Accession:  0001104659-24-030536
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108134/000110465924030536/0001104659-24-030536-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1108134/000110465924030536/tm247865d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-030536

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