Worcester Business Journal

wbjournal.com | February 5, 2018 | Worcester Business Journal 17 B A N K I N G & F I N A N C E F O C U S at Foley Stadium on Chandler Street, and the name is expected to remain unchanged for now. Kelly said support of local groups will continue, and Commerce will remain invested in projects key to Worcester's redevelopment, though he decline to discuss specifics due to confidentiality agreements with clients. "The people around Central Massachusetts and Worcester want to see their financial institu- tion actively involved," Kelly said. Martin Connors, president and CEO of Rollstone Bank & Trust, a Fitchburg-based community bank, recognized the contribu- tions Commerce has made to the Central Massachusetts region over the years. "Commerce was a very good corporate citizen" Connors said. "They had the size to make a differ- ence, and I think they did." Connors said he expects Berkshire to continue that legacy, but he said the institutional knowledge of the community that Commerce is losing through leader- ship changes isn't easily replaced. He added Berkshire's decision to set up its new executive headquarters in Boston, rather than Worcester, was a loss for the region. "I'm a little disappointed that they didn't take an opportunity to have their headquarters in Worcester. It seems to me it would be right in the middle of the state, and they have so much in Western Massachusetts," Connors said. However, Mach said a small number of Berkshire executives will be Boston based, and that the Worcester workforce will remain local. Now, Berkshire is looking ahead to the practical side of the transition. Beginning March 23, online banking accounts will move from the former Commerce system, to the Berkshire system, which will be complete on March 26, Mach said. Kelly said after that, the focus will be on expanding products, and building out offices to support that in the region. "It's a highly attractive growth market," Kelly said. Employees in Commerce territory - 340 Commerce had 213 employees on the merger date in October, but that number has grown as the two organizations have integrated. Locations - 113 Commerce Bank added 16 branches to the Berkshire total. Assets - $11.6B Commerce added $1.8 billion to Berkshire's assets. Income growth - 82% Berkshire's income grew 82 percent in the fourth quarter, from $10.7 million in 2016 to $19.5 million in 2017. Loan growth - $1.2B Fourth-quarter loans increased by $1.2 billion, including a 61-percent commercial loan increase. Branches retaining the Commerce name - 13 Greater Worcester branches will keep the Commerce name indefinitely while Boston-area Commerce branches assumed the Berkshire name. Source: Berkshire Hills Bancorp Post-acquisition Berkshire, by the numbers Brian Thompson, former Commerce Bank CEO W Even though our name is changing, our overriding commitment hasn't – add real value to our client's businesses and provide an unequaled focus on customer service, guaranteed! Unmatched technical expertise. Experienced strategic management. Fanatical focus on customer service. To see the positive difference we can bring to your business, contact us today. Rely on S&G just as you always have for: • Accounting & Tax Services • Business Consulting • Business Growth Planning • Business Exit & Transition Planning • Financial Services • Investment Management • Retirement Planning 508-757-3311 • www.sgllp.com Worcester • Framingham • Milford • Hyannis On a long journey, you take many small steps along the way. We've been on our journey for over 35 years. Now it's time to take a small step and change our name from Shepherd & Goldstein to simply S&G.

• Cover