Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., and Community Bank System (CBU) in DeWitt, N.Y., have struck deals to buy branches from Bank of America (BAC).
On Wednesday, Berkshire Hills announced an agreement to buy 20 New York branches, along with $640 million in deposits and $5 million in loans, from B of A. The price was not disclosed.
The transaction would give the $5.2 billion-asset Berkshire Hills 94 branches, and would more than double its New York branch count to 37. The companies expect to close the deal in the first quarter of 2014.
Community Bank System announced it would buy eight B of A branches in northeastern Pennsylvania. The company would pay a 2.39% premium for roughly $369 million in deposits.
The purchase would give the $7.2 billion-asset Community Bank System 196 branches, including 35 in Pennsylvania.
Jefferies advised Berkshire Hills; RBC Capital Markets advised Community Bank System.
Bank of America has sold many branches to community banks in the past year as it looks to cut costs. Last week, Washington Federal in Seattle agreed to buy 51 branches from the Charlotte, N.C., company across four Western states.