Regional lenders Berkshire Hills Bancorp, Brookline strike $1.1 billion merger deal

(Reuters) -Berkshire Hills Bancorp and Brookline Bancorp (NASDAQ:BRKL) have agreed to merge in an all-stock deal valued at about $1.1 billion, the regional lenders said on Monday.

Regional lenders that were at the heart of the banking crisis in 2023 have been cutting more deals this year to expand their geographic foothold and better compete with rivals, extending a wave of consolidation in the sector.

Shares of Brookline were last up 1.4% in premarket trading.

The combined company will trade on the New York Stock Exchange under a new name and ticker symbol, which will be announced later.

The banks expect the deal to close by the second half of next year.