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PITTSFIELD, Mass. (AP) -- Regional bank Berkshire Hills Bancorp Inc. said Friday it completed its acquisition of Factory Point Bancorp Inc. in a cash and stock deal. Under the terms of the acquisition, Berkshire Hills will issue about 1.9 million shares and pay about $16 million for all of the outstanding shares of Factory Point common stock. Based on the Berkshire Hills' Friday closing stock of $32.07, the deal is worth about $76.9 million. Factory Point National Bank was integrated into Berkshire Bank, an operating subsidiary of Berkshire Hills, which now included a network of 38 full-service branches and 10 insurance agency offices in Massachusetts, New York, and Vermont, the company said. The sale includes Factory Point's Factory Point National Bank of Manchester Center subsidiary. Berkshire Hills said it now has about $2.5 billion in total assets and a common stock market capitalization of more than $340 million. Berkshire Hills also said Friday that it named Susan M. Hill, a Factory Point director, as a director of Berkshire Hills and Berkshire Bank. Shares of Berkshire Hills rose 20 cents to $32.27 in aftermarket trading, after falling 20 cents to $32.07 in the regular session.
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