Berkshire Bank gives Tax Credit investment to revitalize Westerly’s United Theatre

PROVIDENCE, R.I. (WLNE) – Berkshire Bank has announced a $2.95 million Historic Tax Credit investment to support revitalizing The United Theater in Westerly into a community center for performances and art education.

“Our investment in The United Theatre is just one example of the projects we are supporting in communities across our markets through our BEST Community Comeback. It contributes to ongoing revitalization efforts, helps create jobs and is an attractive investment for the Bank,” said Subhadeep Basu, Chief Financial Officer of Berkshire Bank. “Historic Tax Credits support the Bank’s investment, which enables the redevelopment project and provides an appropriate return to the Bank. Developers looking to restore eligible historic properties often finance the restoration in part by selling HTCs awarded to the building.”

“Our partnership with The United Theatre will help enhance the heart of downtown Westerly while breathing new life into an important historic property,” said Cristina Feden, Berkshire Bank’s Regional President. “With offices throughout the region, Berkshire and The United Theatre are serving two states, two towns, and one community; Westerly, RI and Stonington, CT. This project is a perfect example of our joint impact.”