Bank of America Plans Sale of 20 Branches to Berkshire Hills
The branches are in New York markets and have about $640 million in total deposits and $5 million in loans, according to the statement. Berkshire’s New York branch count will more than double to 37, the Pittsfield, Massachusetts-based lender said.
Separately, Community Bank System Inc. (CBU) of Syracuse, New York, said it will buy eight Bank of America branches in northeastern Pennsylvania, paying a premium of about 2.39 percent for about $369 million in deposits.
Bank of America is ranked second by assets among U.S. lenders. The Charlotte, North Carolina-based firm has been trimming branches and selling operations for the past three years to simplify its structure and build its financial strength after repaying a federal bailout in late 2009.
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