First Choice, which opened its first branch in Lawrence in 2007, also has locations in Hamilton, Robbinsville and East Windsor.
LAWRENCE -- First Choice Bank, an eight-branch community bank with locations in the Trenton and suburban Philadelphia areas, is now a subsidiary of Berkshire Hills Bancorp.
Berkshire, which operates as Berkshire Bank in the New England area, announced Monday that the deal to buy First Choice - first reported in June - was completed at the close of business on Dec. 2.
As part of the deal, First Choice Loan Services Inc. has become a wholly-owned operating subsidiary of Berkshire Bank, the Pittsfield, Mass. company announced.
"We're pleased to welcome customers, employees and shareholders of First Choice to America's Most Exciting Bank," Berkshire CEO Michael P. Daly said in a statement.
"This combination diversifies our revenue sources, improves our profitability after integration, and complements our other franchise growth initiatives as we expand into attractive banking markets in central New Jersey and eastern Pennsylvania," Daly said in the statement.
Berkshire buys First Choice Bank in N.J.
Daly said in the statement that Berkshire officials are working closely with First Choice to prepare for the merger and the completion of systems' changeovers in February.
Berkshire issued approximately 4.4 million common shares as merger consideration in the stock-for-stock exchange detailed in the agreement - which has a total value of $150 million.
The purchase puts Berskshire's assets at approximately $9 billion and 99 full-service branch offices in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania.
First Choice, which opened its first branch in Lawrence in 2007, and started a mortgage division in 2009, also has locations in Hamilton, Robbinsville, East Windsor, Kingston, and Yardley, Pa. and Horsham, Pa.
Kevin Shea may be reached at kshea@njadvancemedia.com. Follow him on Twitter@kevintshea. Find NJ.com on Facebook.