Berkshire Hills, Brookline merge to form $24B Beacon Financial

Equipment dealers, lenders and rental houses engaged in merger and acquisition activity in August amid continuing industry consolidation. 

Berkshire Hills, Brookline form Beacon Financial 

Berkshire Hills Bancorp and Brookline Bancorp have received regulatory approval for their merger, clearing the way for the formation of Boston-based Beacon Financial Corporation on Sept. 1, according to an Aug. 25 Beacon Financial release. The two Boston banks announced the plans to merge on Aug. 6. 

The combined company will operate as a $24 billion regional banking franchise with more than 145 branches across the Northeast, according to the Aug. 25 release. The merged bank will continue to serve equipment finance clients, through Berkshire Bank, Brookline Bank, Bank Rhode Island and PCSB Bank until full systems integration in 2026. 

Paul Perrault, chairman and chief executive of Brookline, will be chief executive of the new entity, while Berkshire chairperson David Brunelle will remain chair of the board. The company’s common stock will trade on the NYSE under the ticker symbol BBT. 

The merger is expected to enhance scale, efficiency and operational strength while maintaining local expertise and client service, according to the release. Brookline Bancorp’s equipment finance loans landed at $1.2 billion at the end of the second quarter, down 9.8% year over year, according to the company’s July 23 earnings release. 

First Financial Bank acquires BankFinancial 

First Financial Bancorp agreed to acquire BankFinancial Corp. in an all-stock transaction valued at approximately $142 million, according to an Aug. 11 First Financial release. The move expands First Financial’s presence in the Chicago market with 18 new retail locations and $2.2 billion in pro forma deposits. 

The deal will integrate BankFinancial’s consumer, trust, wealth management and selected commercial credit lines into First Financial’s business lines, according to the release. All BankFinancial employees will join First Financial Bank. 

The acquisition builds on First Financial’s Midwest growth strategy, complementing its existing presence in Illinois and Northwest Indiana and adding to recent expansion in Chicago, Cleveland and Grand Rapids, Mich., First Financial’s lease financing totaled $573.6 million, up 16.4% YoY, during the first quarter, according to the company’s May 9 10-Q filing with the SEC. 

The transaction, unanimously approved by both companies’ boards, is expected to close in the fourth quarter pending shareholder and regulatory approvals. The acquisition projects to be accretive to First Financial’s earnings per share while leaving tangible book value per share unchanged. 

James River acquires 4 JESCO locations 

Ashland, Va.-based John Deere dealer James River Equipment expanded its presence into the mid-Atlantic region with the acquisition of four JESCO Equipment locations in Maryland, according to an Aug. 1 James River release. 

Founded in 1926, James River Equipment has a long history with John Deere, while JESCO has served the construction industry in the Northeast and mid-Atlantic since 1972. James River expects the move to enhance support for customers and create new opportunities for employees, according to the release.  

Rent Equip, Bertling Equipment Rental merge 

Rent Equip and Bertling Equipment Rental have merged to form one of the largest independent equipment rental companies in central Texas, according to an Aug. 1 Rent Equip release. Austin, Texas-headquartered Rent Equip and Seguin, Texas-based Bertling aim to improve geographic coverage across the Austin and San Antonio markets by uniting their fleets and customer bases. 

The combined company aims to strengthen service to existing customers while fueling growth throughout the region. All Bertling branches will eventually operate under the Rent Equip brand. 

Blake Bertling, who helped build Bertling Equipment Rental over two decades, will become vice president for central and south Texas and join the board of directors of the new company. With the merger, Rent Equip expects to enter the Rental Equipment Register’s RER 100 rankings of the largest equipment rental houses, reflecting its expanded scale and role in the Texas rental market. 

ReadyDig expands Colorado presence with Taylor Implement acquisition 

Hudson, Colo.-based XCMG-dealer ReadyDig has acquired the assets of former Colorado Claas dealer Taylor Implement, expanding its lineup of tractors, implements and worksite solutions, according to an Aug. 12 ReadyDig release. offerings 

ReadyDig will operate from Hudson, Greeley and Yuma, Colo., giving customers greater access to machines, expert technicians and parts on demand.  

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