Berkshire Hills Bancorp, Inc. (NYSE: BHLB) completed the acquisition of SI Financial Group, Inc. and the merger of Savings Institute and Trust Company into Berkshire Bank effective at the close of business today.

"We are excited to welcome Savings Institute's customers, employees and shareholders to the Berkshire family," commented Chief Executive Officer, Richard Marotta. "The Savings Institute team has been receptive and worked cohesively with our teams as we moved towards closing. We look forward to continuing our work with our new colleagues as we bring our full suite of products and expanded resources to their markets. Our next steps include completing the integration of Savings Institute following the planned systems conversion in October."

Berkshire issued approximately 5.7 million common shares as merger consideration in the stock for stock exchange detailed in the merger agreement. The total stock consideration is valued at approximately $176 million. Including the new shares issued, Berkshire's outstanding common stock has increased to approximately 51.2 million shares, resulting in a market capitalization of approximately $1.6 billion.

With this acquisition, Berkshire adds eighteen branches in Eastern CT and five branches in Rhode Island. The merger adds approximately $1.7 billion in assets and $1.3 billion in low cost deposits.

ABOUT BERKSHIRE HILLS

Berkshire Hills Bancorp is the parent of Berkshire Bank, a premier regional bank distinguished by its local responsiveness and engagement. With corporate headquarters in Boston, the Company operates in seven Northeastern states, with $13.9 billion in assets and 132 banking offices. Berkshire Bank, is recognized for its entrepreneurial approach, relationship customer experience and distinctive culture. Berkshire provides business and consumer banking, mortgage, wealth management, investment and insurance services.