On December 21st, Berkshire Hills Bancorp, Inc. BHLB announced it was acquiring Legacy Bancorp in a $108mm stock and cash deal, KBW reports.
“The deal appears to be a logical fit for BHLB as Legacy is headquartered literally across the street and both banks have heavy overlap in their respective footprints,” KBW writes. “Deal metrics were favorable and the impact to earnings should be immediately favorable.”
KBW is raising its target to $24 and reiterates its Outperform rating.
Berkshire Hills Bancorp closed Wednesday at $21.00.
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