(Adds details from statement in paragraphs 4-5, shares in paragraph 3, context in paragraph 2)
Dec 16 (Reuters) - Berkshire Hills Bancorp and Brookline Bancorp have agreed to merge in an all-stock deal valued at about $1.1 billion, the regional lenders said on Monday.
Regional lenders that were at the heart of the banking crisis in 2023 have been cutting more deals this year to expand their geographic foothold and better compete with rivals, extending a wave of consolidation in the sector.
Shares of Brookline were last up 1.4% in premarket trading.
The combined company will trade on the New York Stock Exchange under a new name and ticker symbol, which will be announced later.
The banks expect the deal to close by the second half of next year.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra Eluri)
((Manya.Saini@thomsonreuters.com; X: manya__saini))
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