BOSTON, Jan. 25,
2023 /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 $50 million
through December 31, 2023. This would
result in the repurchase of approximately 4% of outstanding shares
based on the current share price.
Berkshire CEO Nitin Mhatre
stated, "Our balance sheet and capital ratios continue to remain
strong, and our ratios are significantly above the regulatory
threshold for well capitalized banks. We intend to continue to use
a balanced approach to deploy capital generated by our Company's
operations to both support growth and financial soundness, and to
distribute capital to shareholders in the form of dividends and
stock repurchases. The repurchase program follows other programs in
recent years and is complemented by our ongoing quarterly
shareholder dividend, which we increased by 50% last quarter from
$0.12 per share to $0.18 per share."
Mr. Mhatre concluded, "Our Berkshire's Exciting Strategic
Transformation (BEST) plan targets improved profitability and
shareholder returns, as part of our goal to increase value for all
stakeholders while making Berkshire the high-performing leading socially
responsible community bank in New England and beyond. Through this
repurchase authorization, our Board has recognized our significant
progress towards achieving our purpose-driven and performance
objectives."
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
Headquartered in Boston,
Berkshire Hills Bancorp (NYSE:BHLB) is the parent of Berkshire
Bank. Founded in 1846, the Bank's vision is to be a high-performing
leading socially responsible community bank. It empowers the
financial potential of its stakeholders by making banking available
where, when, and how it's needed through an uncompromising focus on
exceptional customer service, digital banking, and positive
community impact. Providing a wide range of financial solutions
through its consumer banking, commercial banking and wealth
management divisions, the Bank has approximately $11.3 billion in assets and a community-based
footprint of 100 financial centers in Massachusetts, New
York, Vermont, Connecticut, and Rhode Island. Named one of America's Most
Trusted Companies 2022 by Newsweek, Berkshire is also listed in the Bloomberg
Gender-Equality Index and a Best Place to Work for LGBTQ+ Equality.
To learn more, 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/berkshire-hills-announces-50-million-share-repurchase-program-301730629.html
SOURCE Berkshire Hills Bancorp, Inc.