Pittsfield-based Berkshire Hills Bancorp Inc. said Wednesday that its Berkshire Bank subsidiary has agreed to buy 20 retail bank branches from Bank of America Corp.
Berkshire Bank agreed to buy the branches for $14.4 million, which represents paying a deposit premium of 2.25 percent on the branches’ collective deposits of $640 million.
The branches are located in New York markets that are within or contiguous to markets currently served by Berkshire, Berkshire Hills Bancorp said in a press release. The acquisition is expected to be completed in the first quarter of 2014.
The 20 branches will increase Berkshire’s total branch count to 94 branches in its footprint, and its New York branch count will more than double to 37 branches. Berkshire has $5.2 billion in assets.
In a statement, Berkshire chief executive Michael Daly said: ‘‘We are pleased to welcome these new customers and communities to Berkshire Bank. We look forward to servicing their banking, insurance, and wealth management needs and to providing our full suite of personal and commercial deposit and loan products. We believe that our existing customers and these new customers will value the enhanced convenience of our expanded New York branch network as well as our active community support and the additional resources provided through our New York regional headquarters.’’