• Jun. 27, 2016, 7:38 AM
    • Pittsfield, MA-based Berkshire Hills Bancorp (NYSE:BHLB) moves into the Princeton and greater Philadelphia area with the purchase of First Choice Bank. The all-stock deal is valued at about $111.7M.
    • First Choice has six branches near Princeton and two in the greater Philadelphia area. Total mortgage production was $2.5B last year.
    • With the purchase, BHLB will have 101 branches across the Northeast and a pro forma market cap of $905M.
    • The deal is expected to be accretive to EPS, ROE, and ROA.
    Jun. 27, 2016, 7:38 AM
  • May 22, 2015, 7:37 AM
    • Based in Needham, MA, privately-held Firestone Financial is a commercial specialty finance company providing secured installment loan equipment financing.
    • As of March 21, Firestone had about $190M in loans spread across multiple industries and market areas. The weighted average yield on the portfolio is 9.8%.
    • BHLB is buying for 130% of adjusted tangible book value, for a total deal value of $53M, with 75% to be paid in common stock and 25% in cash.
    • The purchase is expected to be accretive to EPS and generate a ROE north of 15%. It is expected to be $0.08 dilutive to tangible book value.
    • The deal should close in Q3.
    May 22, 2015, 7:37 AM