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The bank was established in 1885 as Lowell Co-operative Bank. [3] In January 2009, the bank was recapitalized though a supervisory stock conversion, converting from a mutual co-operative bank to a stock co-operative bank. [4] [5] In December 2010, the bank acquired the assets of Omega Mortgage Corporation. [4] [6]
By 1850, Lowell's population was 33,000, making it the second largest city in Massachusetts and America's largest industrial center. The 5.6 mile long canal system produced 10,000 horsepower, being provided to ten corporations with a total of forty mills. Ten thousand workers used an equal number of looms fed by 320,000 spindles.
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The Provident became a wholly owned subsidiary of Hartford National. However, The Provident, which is the fourth-largest savings bank in Massachusetts, will continue to operate under the name it has been using since 1816." [8] The bank kept its original name through 1992. In 1993, the Provident was merged into Shawmut Bank. [9] [10]
The bank was founded in 1820. [1] In August 2014, the company acquired Rockport National Bank, which had 4 branches, for $28.3 million in cash. [2] [3] As of December 31, 2019, it had $3.7 billion in deposits. [4]
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Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company . The bank operates 83 branches in New England , and New York, and is the third largest regional bank headquartered in Massachusetts .