Mon, Jun. 27, 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.
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.
Berkshire Hills Bancorp, Inc. operates as a bank holding company, which through its subsidiary, engages in the provision of community banking services. It operates through the Banking and Insurance segments. It offers savings and checking accounts, deposits, lending, mortgages loans, insurance,... More
Industry: Savings & Loans
Country: United States