BOSTON, Nov. 4, 2022
/PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today
announced that its Board of Directors has approved a quarterly cash
dividend of $0.18 per common share to
shareholders of record at the close of business on November 17, 2022, payable on December 1, 2022. This is a 50% increase
from the former quarterly dividend of $0.12 per share.
CEO Nitin Mhatre stated,
"Increasing the shareholder dividend to improve total shareholder
return is an integral component of our BEST strategic
transformation plan announced in May 2021. Berkshire's per share earnings have increased
by 62% since the first quarter of 2021 and the Company is tracking
well ahead of its BEST plan strategic objectives. Our plan
targets supporting our organic growth to serve our customers and
communities, while also prudently managing capital and shareholder
returns."
"We're pleased to announce this 50% dividend increase which
improves our quarterly cash return to shareholders and increases
the yield on our stock to approximately 2.6% based on the closing
share price of $27.44 on November 3, 2022. We're grateful for the
support of our shareholders as we execute on our vision of becoming
a high performing, leading socially responsible community
bank."
ABOUT BERKSHIRE HILLS
BANCORP
Berkshire Hills Bancorp is the parent of Berkshire Bank.
The Bank's goal is to be a high-performing, leading socially
responsible community bank in New England, Upstate New York, and
beyond. Berkshire Bank provides business and consumer banking,
mortgage, wealth management, and investment services. Headquartered
in Boston, Berkshire has approximately $11.3 billion in assets and operates 100
financial centers 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.
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.