The acquired bank offices own nearly $640m in total deposits and $5m in loans, which will help the acquirer to further boost its presence in the region.
Subject to regulatory approvals from the FDIC and the Commonwealth of Massachusetts as well as satisfying customary closing conditions, the transaction is likely to close during the first quarter of 2014.
Following completion of the acquisition, it will boost Berkshire’s total branches to 94 offices, of which 37 bank offices will be located in New York. The acquirer has $5.2bn in assets with a strong presence in Northeastern markets.
Berkshire CEO Michael Daly said that the acquisition will help the company to serve customers by delivering banking, insurance, and wealth management services as well as full suite of personal and commercial deposit and loan products.
"We believe that this transaction will improve the quality and value of our franchise and it is consistent with the combination of acquisition and organic growth strategies that have supported our earnings growth in recent years," Daly added.
Jefferies was hired to serve as financial advisor, while Luse Gorman Pomerenk & Schick offered legal counseling to Berkshire in relation to the transaction.
