BankRI No More, New Name Is Beacon Bank

BankRI No More, New Name Is Beacon Bank

In another sign of consolidation and corporate mergers, BankRI will be no more. The new name, after its acquisition, is Beacon Bank.

“We’re excited to share that starting February 9, BankRI will be officially known as Beacon Bank. This is the final step in the merger of Brookline Bancorp, Inc., the parent company of Brookline Bank, BankRI and PCSB Bank and the Berkshire Hills, Inc, the parent company of Berkshire Bank,” said the company in a letter to customers.

All of the banks going forward will be known as Beacon Bank.

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The merged $24 billion regional banking is headquartered in Boston with more than 145 branch offices throughout New England and New York. 

Moreover, there will be some significant disruption as multiple services will be down for multiple days, said the announcement. BankRI branches will close and call centers will shut down for multiple days starting on February 6.

 

History

Founded in October 1995 and launched in 1996, it was designed to be a new, local banking institution. The bank was formed by purchasing branches that Fleet Financial Group was required to divest as part of its merger with Shawmut National Corp. The late Rhode Island billionaire, Kim Chace, led the investment group, and it was established as one of the largest de novo (new) banks in American history at that time.

 

Some information is available HERE