Current Report Filing (8-k)
October 27 2020 - 4:17PM
Edgar (US Regulatory)
0001108134
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0001108134
2020-10-26
2020-10-26
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(D) OF
THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date
of earliest event reported): October 26, 2020
BERKSHIRE
HILLS BANCORP, INC.
(Exact Name of Registrant
as Specified in its Charter)
Delaware
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001-15781
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04-3510455
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(State or Other Jurisdiction)
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.)
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60 State Street, Boston, Massachusetts
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02109
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone
number, including area code: (800) 773-5601, ext. 133773
Not Applicable
(Former Name or Former
Address, if Changed Since Last Report)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
symbol(s)
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Name
of each exchange on which registered
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Common stock, par value $0.01 per share
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BHLB
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New York Stock Exchange
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Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth
company ¨
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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Item 2.02
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Results of Operations and Financial Condition
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On October 26, 2020, Berkshire Hills Bancorp,
Inc. (the “Company”), the holding company for Berkshire Bank (the “Bank”), announced its financial results
for the quarter ended September 30, 2020. The news release containing the financial results is included as Exhibit 99.1 and shall
not be deemed “filed” for any purpose.
The Company conducted a conference call/webcast
on October 27, 2020, to discuss the financial results for the quarter and provide guidance about expected future results. A telephone
replay of the call will be available through November 3, 2020. The webcast will be available on the Company’s website at
ir.berkshirebank.com for an extended period of time.
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Item 7.01
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Regulation FD Disclosure
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During the conference call, the
Company discussed that it is well along in a strategic analysis to rationalize its infrastructure footprint, including the branch
office network, corporate real estate, and other operational adjustments to its business model. It is also analyzing cost
save opportunities arising from work from home as well as changes in procurement processes in the current environment. The
Company’s goal is to reduce annualized expenses by $10-15 million by the second half of 2021. The Company expects
to provide more information about these strategies in the coming months.
The
Company made available slides for a presentation that the Company utilized in connection with its conference call. A copy
of the presentation can be found on the Company’s website at ir.berkshirebank.com.
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Item 9.01
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Financial Statements and Exhibits
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(a)
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Financial Statements of Businesses Acquired. Not applicable.
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(b)
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Pro Forma Financial Information. Not applicable.
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(c)
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Shell Company Transactions. Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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Berkshire Hills Bancorp, Inc.
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DATE: October 27, 2020
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By:
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/s/ Wm. Gordon Prescott
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Wm. Gordon Prescott
Executive Vice President and
General Counsel
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Berkshire Hills Bancorp (NYSE:BHLB)
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