Berkshire Bank Acquiring First Choice Bank
Berkshire Bank is acquiring New Jersey-based First Choice Bank as part of a roughly $112 million transaction.Under the merger agreement, First Choice Bank and the organization’s loan services will merge into Berkshire Bank. The move includes six branches near Princeton, New Jersey and two in greater Philadelphia. Berkshire CEO Michael Daly explained the rationale behind the move on a conference call.
“It immediately improves earnings, profitability, capital and liquidity ratios and further diversifies our revenue source,” Daly said. “It provides a foothold into great markets and complements the specialty lending investments we’ve already made in those areas. It upgrades and enhances our mortgage operations with a best-in-class platform.”
The move would give Berkshire Bank $8.9 billion in assets and 101 branches in the Northeast.