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M&A Deal Summary

Berkshire Bank Acquires Savings Institute Bank and Trust Company

On December 11, 2018, Berkshire Bank acquired financial services company Savings Institute Bank and Trust Company for 180M USD

Acquisition Highlights
  • This is Berkshire Bank’s 11th transaction in the Financial Services sector.
  • This is Berkshire Bank’s largest (disclosed) transaction.
  • This is Berkshire Bank’s 16th transaction in the United States.
  • This is Berkshire Bank’s 2nd transaction in Connecticut.

M&A Deal Summary
Date 2018-12-11
Target Savings Institute Bank and Trust Company
Sector Financial Services
Buyer(s) Berkshire Bank
Deal Type Add-on Acquisition
Deal Value 180M USD
Advisor(s) Keefe, Bruyette & Woods (Financial)
Kilpatrick Townsend & Stockton (Legal)

Target

Savings Institute Bank and Trust Company

Willimantic, Connecticut, United States
Savings Institute Bank and Trust Company is a community-oriented financial institution that offers a full-range of financial services to individuals, businesses, and municipalities within its market area. Savings Institute Bank and Trust Company was formed in 1842 and is based in Willimantic, Connecticut.

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Buyer(S) 1

Buyer

Berkshire Bank

Boston, Massachusetts, United States
Category Company
Founded 1846
Sector Financial Services
Employees1,310
Revenue 412M USD (2023)
DESCRIPTION

Berkshire Bank is a regional bank and financial services company providing the service capabilities of a larger institution and the focus and responsiveness of a local partner to its communities. Berkshire Bank was founded in 1846 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 16 of 16
Sector: Financial Services M&A 11 of 11
Type: Add-on Acquisition M&A Deals 13 of 13
State: Connecticut M&A 2 of 2
Country: United States M&A 16 of 16
Year: 2018 M&A 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-27 First Choice Bank

Lawrenceville, New Jersey, United States

First Choice Bank is a provider of financial services primarily to mercer county and surrounding New Jersey counties and also Bucks County in Pennsylvania. The Bank maintains its principal office and a branch in Lawrenceville, New Jersey, and has eight full service locations.

Buy $112M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 Berkshire Insurance Group

Stockbridge, Massachusetts, United States

Berkshire Insurance Group is a provider of insurance coverage to customers across the Northeast growing into one of the largest insurance agencies in Western Massachusetts. Berkshire Insurance Group provides personal and commercial property and casualty insurance solutions. Berkshire Insurance Group was established in 2000 and is based in Stockbridge, Massachusetts.

Sell -
Mergr

Product

Company

Legal