BOSTON, Sep. 8, 2020 /PRNewswire/ -- Berkshire Hills
Bancorp, Inc. (NYSE: BHLB) today announced that its Board of
Directors has approved a quarterly cash dividend of $0.12 per common share to shareholders of record
at the close of business on September 22,
2020, payable on September 30,
2020. Effective for the same dates, the Board also approved
a quarterly cash dividend on its preferred stock of $0.24 per preferred share. As a result of the
impact of the COVID-19 pandemic to earnings and operations, both
dividends are being reduced by 50%.
"Our Company has paid a quarterly cash dividend to shareholders
for our entire 20-year history as a public company. We raised our
dividend in January, before the pandemic, which reflected our
long-term plans for growth and profitability," stated Berkshire
Acting CEO Sean Gray. "This
reduction of our dividend brings our yield and payout more in line
with peers and with our historic ranges and will help to preserve
our strong capital foundation to help us continue to support our
customers and communities in these challenging times. It also
positions us to accelerate shareholder distributions in the form of
both dividends and stock buybacks when economic and public health
conditions recover in the future."
BACKGROUND
Headquartered in Boston,
Berkshire Hills Bancorp is the parent of Berkshire Bank, with
approximately $13.1 billion in assets
and operating 130 banking offices in seven Northeastern states. The
Bank is transforming into a 21st century community bank
pursuing purpose driven performance based on its Be FIRST corporate
responsibility culture. It provides business and consumer banking,
mortgage, wealth management, investment and insurance services.
Berkshire Bank was awarded the Top Corporate Steward Citizens award
by the US Chamber of Commerce Foundation in 2019 for the small –
middle market business category. To learn more about the bank,
visit www.berkshirebank.com, call 800- 773-5601 or follow us on:
Facebook, Twitter, Instagram and, LinkedIn.
CONTACTS
Investor Relations Contact
David Gonci; Capital Markets
Director; 413-281-1973
Media Contact
John Lovallo; 917-612-8419
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SOURCE Berkshire Hills Bancorp, Inc.