Credit Union to Acquire Eight Berkshire Banks

POUGHKEEPSIE – Hudson Valley Credit Union (HVCU) announced that it has entered into a purchase and assumption agreement with Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, to purchase eight branches in Albany, Saratoga, Schenectady, and Columbia Counties including the deposits, fixed assets, and certain residential and consumer loans at these branches.

Upon completion of this transaction, HVCU will increase its footprint to 30 full service branches throughout the Hudson Valley and Capital Regions. This purchase further accelerates HVCU’s growth in the Capital Region, following the announcement on January 10 that Catskill Hudson Bank was merging into the credit union. Upon completion of both transactions, HVCU will have 40 branches, with corporate offices in Malta, Kingston, Middletown, and Poughkeepsie.

Hudson Valley Credit Union President and CEO Jonathan Roberts commented, “Hudson Valley Credit Union is pleased to welcome customers and employees from these Berkshire branches to our financial cooperative. We are confident that both will find exciting new ways we can help them achieve financial freedom.”

The purchase is expected to be completed by the end of the third quarter 2024 after the satisfaction of customary closing conditions, including receipt of all required regulatory approvals. Following completion of the transaction, these former Berkshire Bank branches will operate under the Hudson Valley Credit Union name and brand:

· Chatham – 50-52 Main Street · Hudson – 561 Warren Street
· Colonie – 98 Wolf Road
· Malta – 2532 Route 9
· Guilderland – 1704 Western Avenue
· Niskayuna – 120 Mansion Square
· Halfmoon – 7 Halfmoon Crossing
· Rotterdam – 1925 Curry Road

HVCU’s financial advisor for the sale was Hovde Group, LLC and Honigman, LLP, provided legal counsel. Berkshire’s financial advisor for the sale was RBC Capital Markets LLC and legal counsel was provided by Luse Gorman, PC.

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