Arrow Financial Corporation (NASDAQ:AROW) has entered into a definitive agreement with Berkshire Bank, a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE:BHLB).
Under the deal, Arrow Financial's bank subsidiary, Glens Falls National Bank, will acquire the branch office at 184 Broadway, Whitehall, New York.
Berkshire Bank has entered into definitive agreements with three buyers to sell 10 of its upstate and eastern New York branches, consisting of eight offices in Albany, Saratoga, Schenectady and Columbia counties, one office in Whitehall and one office in East Syracuse.
The sale lowers Berkshire Hills' overall branch footprint from 96 to 86 locations.
All employees associated with the Whitehall branch will be offered employment with the Arrow Family of Companies.
The sale is targeted for completion by the end of the third quarter of 2024.
Following the anticipated completion of the sale, Glens Falls National Bank will operate a total of nine branches in Washington County.
"This strategic move marks a milestone in our growth and underscores our commitment to expanding our market presence..," said Dave DeMarco, President and CEO of Arrow Financial Corporation and Glens Falls National Bank.
Price Action: BHLB shares closed lower by 2.65% to $20.92 on Monday, and AROW shares closed lower by 0.50% to $23.84.
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