BOSTON, May 14, 2018 /PRNewswire/ -- Berkshire Hills
Bancorp, Inc. (NYSE: BHLB) today announced that Kroll Bond Rating
Agency (KBRA), a full-service rating agency, has initiated coverage
on the Company and its Berkshire Bank subsidiary with investment
grade ratings.
A rating of A- was assigned to Berkshire Bank for its deposits
and senior unsecured debt. Michael
Daly, the Company's CEO, stated, "We're pleased with this
strong initial rating of the Bank and its recognition of our
financial strength. This should be especially helpful to
larger commercial, government, and institutional customers as we
expand our checking accounts and other deposit services into our
newer markets and across our regions."
Other ratings assigned to the Bank included a BBB+ subordinated
debt rating and a K2 rating assigned to its short-term deposits and
short-term debt. Berkshire Hills Bancorp received a BBB+
rating on its senior unsecured debt, a BBB rating on its
subordinated debt, and a K2 rating for its short-term debt.
Richard Marotta, the Bank's
President, commented, "These KBRA ratings are supported by our
diverse revenue sources, strong asset quality, and sound capital
management. They reflect our strong financial condition as we
expand our services as the third largest New England based regional
bank."
KBRA's report notes Berkshire's
recent deposit growth and the strengthening of its profitability
and other key performance measures. A copy of the report is
available at its website at www.kbra.com. KBRA is registered
as a Nationally Recognized Statistical Rating Organization (NRSRO)
by the U.S. Securities & Exchange Commission (SEC). KBRA
has issued more than 9,000 ratings totaling $775 billion. It provides the investment
community with credit ratings and research reports covering many
sectors and securities instruments in the U.S. and
Europe.
BACKGROUND
Berkshire Hills Bancorp is the parent of Berkshire Bank -
America's Most Exciting Bank®. The Company has approximately
$11.5 billion in assets and 114 full
service branches in Massachusetts,
New York, Connecticut, Vermont, New
Jersey, and Pennsylvania
providing personal and business banking, insurance, and wealth
management services. The Company also offers mortgages and
specialized commercial lending services in targeted national
markets.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. There are
several factors that could cause actual results to differ
significantly from expectations described in the forward-looking
statements. For a discussion of such factors, please see
Berkshire's most recent reports on
Forms 10-K and 10-Q filed with the Securities and Exchange
Commission and available on the SEC's website at www.sec.gov.
Berkshire does not undertake any
obligation to update forward-looking statements.
CONTACT: Allison
O'Rourke, Executive Vice President, Investor Relations
Officer; 413-236-3149
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SOURCE Berkshire Hills Bancorp, Inc.