India, Dec. 16 -- Berkshire Hills Bancorp, Inc. (BHLB), the parent company of Berkshire Bank, and Brookline Bancorp, Inc. (BRKL), the parent company of Brookline Bank, Bank Rhode Island, and PCSB Bank, announced Monday they have entered into a definitive agreement pursuant to which Brookline Bancorp will merge with and into Berkshire Hills in an all-stock transaction valued at approximately $1.1 billion, or $12.68 per share of Brookline common stock, based on the $30.20 closing price of Berkshire common stock on December 13, 2024.
In conjunction with the planned merger, Berkshire also announced that it has entered into subscription agreements with investors to raise capital to support the merger. In aggregate, $100 million of Berkshire com...