Goodwin Procter recently advised Hampden Bancorp, Inc. in connection with the signing of a definitive agreement pursuant to which Berkshire Hills Bancorp, Inc. will acquire Hampden. The transaction, valued at approximately $109 million, is expected to close in the second quarter of 2015. Under the terms of the merger agreement, shares of Hampden common stock will be exchanged for .81 shares of Berkshire Hills common stock. Berkshire Hill’s total assets will increase to $7.1 billion, including $706 million of assets acquired from Hampden Bank.
Hampden Bancorp, Inc. is the holding company of Hampden Bank. Established in 1852, Hampden Bank is a full service community bank serving the families and businesses in and around Hampden County in Massachusetts. The Bank has 10 office locations in Springfield, Agawam, Longmeadow, West Springfield, Wilbraham, and Indian Orchard. Hampden Bancorp is traded on the Nasdaq exchange under ticker “HBNK.”
Berkshire Hills Bancorp is the parent of Berkshire Bank. Prior to the merger, the company had approximately $6.4 billion in assets and 91 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services. Berkshire Bancorp is traded on the New York Stock Exchange under ticker “BHLB.”
The Goodwin team advising Hampden was led by Samantha Kirby (Financial Institutions) and Joe Johnson (M&A), and included Matthew Dyckman (Financial Institutions), Scott Webster (Executive Compensation), and Robert Kester (Tax).
Additional information about the merger can be found in the companies’ joint press release.