BOSTON, Jan. 19, 2022 /PRNewswire/ -- Berkshire
Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of
Directors has approved a share repurchase program pursuant to
which the Company is authorized to repurchase shares of Company
common stock at a total cost of up to $140
million through December 31,
2022. This would result in the repurchase of approximately
9% of outstanding shares based on the current share price.
Berkshire's Board Chair,
David Brunelle, stated, "This
program, which follows our 5% share repurchase in 2021, authorizes
a significant return of excess capital to shareholders while also
maintaining a strong capital base to support Berkshire's strategic transformation and
operating plan to improve market share and investment in its
communities."
Berkshire CEO Nitin Mhatre added,
"This is another step in Berkshire's Exciting Strategic Transformation
(BEST) plan which targets improved profitability and shareholder
returns, as part of our plan for increasing value for all
stakeholders while making Berkshire the top-performing leading socially
responsible Community Bank in New England and beyond."
The authorization does not constitute a commitment to repurchase
shares. The Company may conduct the repurchases through open
market purchases, block trades, unsolicited negotiated
transactions, pursuant to a trading plan that may be adopted in
accordance with Securities and Exchange Commission ("SEC") Rule
10b5-1, or in any other manner that complies with the provisions of
the Securities Exchange Act of 1934, as amended.
ABOUT BERKSHIRE HILLS
BANCORP
Berkshire Hills Bancorp is the parent of Berkshire Bank, which
is transforming what it means to bank its neighbors socially,
humanly, and digitally to empower the financial potential of
people, families, and businesses in its communities as it pursues
its vision of being the leading socially responsible omni-channel
community bank in the markets it serves. Berkshire Bank provides
business and consumer banking, mortgage, wealth management, and
investment services. Headquartered in Boston, Berkshire has approximately $11.6 billion in assets and operates 106 branch
offices in New England and New
York, and is a member of the Bloomberg Gender-Equality
Index. To learn more, call 800-773-5601 or follow us on Facebook,
Twitter, Instagram, and LinkedIn.
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements" within the
meaning of section 27A of the Securities Act of 1933, as amended,
and section 21E of the Securities Exchange Act of 1934, as amended.
You can identify these statements from the use of the words "may,"
"will," "should," "could," "would," "plan," "potential,"
"estimate," "project," "believe," "intend," "anticipate," "expect,"
"target" and similar expressions. There are many 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. You should not place
undue reliance on forward-looking statements, which reflect our
expectations only as of the date of this document. Berkshire does not undertake any obligation to
update forward-looking statements.
CONTACTS
Investor Relations Contacts
Kevin Conn, SVP, Investor
Relations & Corporate Development
Email: KAConn@berkshirebank.com
Tel: (617) 641-9206
David Gonci, Capital Markets
Director
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973
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SOURCE Berkshire Hills Bancorp, Inc.