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Brookline Bancorp, Inc. (NASDAQ:BRKL), a $975.7 million market cap financial institution with a solid 4.93% dividend yield, completed its previously announced merger of equals with Beacon Financial Corporation, formerly known as Berkshire Hills Bancorp, Inc., on Monday. According to InvestingPro analysis, BRKL was trading below its Fair Value before the merger, with analysts recently revising earnings estimates upward. The transaction was executed under an agreement dated December 16, 2024, according to a statement in a Securities and Exchange Commission filing.
As part of the transaction, Commerce Acquisition Sub, Inc. merged with and into Brookline Bancorp , immediately followed by Brookline merging into Beacon Financial Corporation. Beacon Financial is now the surviving corporation and has changed its name from Berkshire Hills Bancorp, Inc. to Beacon Financial Corporation. The merger combines two financially sound institutions, with Brookline generating $345.39 million in revenue over the last twelve months and maintaining dividend payments for 28 consecutive years. After the closing, Beacon Financial changed its New York Stock Exchange ticker symbol from BHLB to BBT. The company reported having approximately 84,272,242 shares of common stock outstanding immediately following the merger.For deeper insights into the merged entity’s financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis and detailed metrics in the Pro Research Report, available for over 1,400 US stocks.
Under the terms of the merger agreement, each share of Brookline Bancorp common stock was converted into the right to receive 0.42 shares of Beacon Financial common stock, with cash paid in lieu of fractional shares.
Following the holding company merger, Berkshire Bank, Bank Rhode Island, and PCSB Bank—subsidiaries of the two companies—in turn merged with and into Brookline Bank, which was then renamed Beacon Bank & Trust, to be commonly known as Beacon Bank.
In connection with the closing, Brookline Bancorp notified Nasdaq to suspend trading and withdraw its common stock from listing prior to the opening of trading on Tuesday. A notification on Form 25 to delist Brookline Bancorp common stock under Section 12(b) of the Securities Exchange Act of 1934 was filed, and Brookline Bancorp common stock is no longer listed on Nasdaq. Beacon Financial, as successor to Brookline Bancorp, intends to file a certification on Form 15 to terminate registration of Brookline Bancorp common stock and suspend its SEC reporting obligations.
Effective upon closing, Brookline Bancorp’s directors and executive officers ceased serving in their roles, and its certificate of incorporation and bylaws are no longer in effect.
This article is based on a statement in a Securities and Exchange Commission filing.
In other recent news, Brookline Bancorp reported its second-quarter earnings for 2025, with earnings per share (EPS) of $0.25, meeting market forecasts. The company generated revenue of $94.65 million, which was just below the anticipated $94.9 million. Additionally, Brookline Bancorp disclosed a retention bonus agreement with its Chief Credit Officer, Mark J. Meiklejohn, in connection with a pending merger with Berkshire Hills Bancorp. Mr. Meiklejohn is eligible for a cash retention bonus of $720,750, contingent upon the merger’s completion. The bonus will be distributed in three equal installments over three years, provided he remains employed through each respective date. These developments reflect Brookline Bancorp’s ongoing strategic initiatives and financial performance.
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