Berkshire Hills Announces Share Repurchase Authorization

Rhea-AI Summary

Berkshire Hills Bancorp (BHLB) has announced the approval of a stock repurchase program allowing the buyback of up to 2,500,000 shares, approximately 5% of its outstanding shares as of March 31, 2021. This program is valid through April 30, 2022, though it does not constitute a commitment to buy back shares and may occur through various methods, including open market purchases and block trades. The initiative underscores the company's approach to enhance shareholder value while navigating market opportunities.

Positive

• Stock repurchase program up to 2,500,000 shares, enhancing shareholder value.
• Represents approximately 5% of outstanding shares.

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• None.

BOSTON, April 28, 2021 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of Directors has approved a stock repurchase program pursuant to which the Company may repurchase up to 2,500,000 shares of its common stock through April 30, 2022.  This represents approximately 5% of its outstanding shares as of March 31, 2021.  

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 committed to purpose-driven, community-dedicated banking and to be the leading socially responsible omni-channel bank in the communities it serves.  Headquartered in Boston, Berkshire operates 121 banking offices primarily in New England and New York. 

CONTACTS

Investor Relations Contacts

Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn2@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.

FAQ

What is the stock repurchase program for Berkshire Hills Bancorp (BHLB)?

Berkshire Hills Bancorp has approved a stock repurchase program allowing the buyback of up to 2,500,000 shares, approximately 5% of its outstanding shares.

How long will the stock buyback program for BHLB last?

The stock buyback program is valid through April 30, 2022.

What percentage of outstanding shares does BHLB plan to repurchase?

Berkshire Hills Bancorp plans to repurchase approximately 5% of its outstanding shares.

What methods can BHLB use to repurchase shares?

Berkshire Hills Bancorp may conduct repurchases through open market purchases, block trades, or unsolicited negotiated transactions.