Berkshire Hills Announces Quarterly Shareholder Dividends

Rhea-AI Summary

Berkshire Hills Bancorp (NYSE: BHLB) announced a cash dividend of $0.12 per share for common stockholders, effective for shareholders on record by September 22, 2020, with payment on September 30, 2020. The preferred stock dividend is set at $0.24 per share. Due to the impact of COVID-19, both dividends are reduced by 50%. Acting CEO Sean Gray stated that this decision aligns them with industry peers and preserves capital for future distribution increases as conditions improve.

Positive

• Quarterly cash dividend of $0.12 maintains continuous dividend payment history.
• Reduction aligns yield and payout with peer organizations.
• Strategic capital preservation for future shareholder distributions.

Negative

• 50% reduction in dividends due to COVID-19 impact on earnings.

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 21^st 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.

FAQ

What is the dividend amount for Berkshire Hills Bancorp (BHLB) in September 2020?

The dividend amount for September 2020 is $0.12 per common share.

When is the dividend for BHLB payable?

The dividend is payable on September 30, 2020.

Why was the BHLB dividend reduced in September 2020?

The dividend was reduced by 50% due to the adverse impact of the COVID-19 pandemic on earnings.

Who is the acting CEO of Berkshire Hills Bancorp (BHLB)?

The acting CEO is Sean Gray.