Berkshire Hills Bancorp, the Massachusetts-based parent to Berkshire Bank, has acquired the Centre for Financial Planning in Albany, New York.

Berkshire said it will use the three-employee firm with approximately $50 million of assets under management as a foundation for the bank’s New York region wealth management and investment services. Louis Morizio, president of Centre for Financial Planning, is to stay with the firm.

Berkshire Bank currently operates wealth management offices in Western Massachusetts and Southern Vermont. It has about $800 million in client assets under management and a total of 25 wealth management employees. Berkshire has its New York state headquarters in Albany, and nine branches in the area.

Berkshire is repositioning itself as a regional bank, delivering a range of deposit, loan, insurance, wealth management and trust services and investment products.

"We were very interested in Capital Financial Planning because we really see it as a great platform to do what we do in the Albany region," said Thomas Barney, senior vice president of Berkshire.