Berkshire Hills Bancorp Announces Results of Annual Meeting

Rhea-AI Summary

Berkshire Hills Bancorp (NYSE: BHLB) announced the results of its Annual Meeting held on May 16, 2024. All three proposals were approved by shareholders, with a quorum of approximately 91% of outstanding shares. All eleven director nominees, including CEO Nitin Mhatre, were elected to serve a one-year term, each receiving at least 96% support.

Executive compensation practices were also approved, and Crowe LLP was ratified as the independent registered public accounting firm for fiscal year 2024. CEO Nitin Mhatre thanked board members and retiring directors for their service and recognized the hard work of Berkshire’s employees.

The company highlighted its strong performance in 2023, with a 10% operating return on tangible common equity and increased annual dividends per share. CEO Mhatre emphasized that Berkshire continues to build momentum for long-term shareholder returns and aims to become a high-performing, community-focused bank.

Positive

• All proposals at the Annual Meeting received at least 96% support.
• Quorum of approximately 91% of outstanding shares was achieved.
• Election of all eleven director nominees was approved.
• Executive compensation practices were approved.
• Crowe LLP was ratified as the independent registered public accounting firm for 2024.
• Berkshire Hills Bancorp outperformed peers on key operating metrics in 2023.
• 10% operating return on tangible common equity achieved.
• Annual dividends per share increased year-over-year.

Negative

• Two directors, Baye Adofo-Wilson and Michael Zaitzeff, are retiring, which may result in a loss of experience and continuity.

Shareholders Recognize Berkshire's Achievements; Approve All Proposals

BOSTON, May 17, 2024  /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a relationship-driven, community-focused bank with financial centers in New England and New York, announced today that all three proposals were approved at its Annual Meeting of Shareholders on May 16, 2024, with a quorum of approximately 91% of outstanding shares voted in person or by proxy at the meeting.  All measures were unanimously recommended by the Board.  All measures requesting shareholder approval received at least 96% support.

Shareholders voted to approve the election of all eleven director nominees to serve a one-year term:

• David M. Brunelle (Chairperson)
• Mary Anne Callahan
• Nina A. Charnley
• Dr. Mihir A. Desai
• William H. Hughes III
• Jeffrey W. Kip
• Dr. Sylvia Maxfield
• Nitin J. Mhatre (Berkshire CEO)
• Laurie Norton Moffatt
• Karyn Polito
• Eric S. Rosengren

Shareholders further provided advisory votes as follows:

• Executive compensation practices were approved; and
• The appointment of Crowe LLP as the Company's independent registered public accounting firm for fiscal year 2024 was ratified.

The Company's proxy materials highlighted Berkshire's solid year of performance in 2023, building on core elements of its strategy to strengthen operations, deliver growth, and improve its long-term outlook. During the meeting CEO Nitin Mhatre thanked board members for their service and recognized retiring directors Baye Adofo-Wilson and Michael Zaitzeff. He also recognized the hard work of Berkshire's employees and their dedication to serving Berkshire's customers and communities. 

"I want to thank our shareholders for their vote of confidence in Berkshire and recognition of our continued progress. Last year we outperformed the median of our peers on key operating metrics identified in our proxy.  We produced a 10% operating return on tangible common equity and increased annual dividends per share year-over-year. We continue to build momentum to improve long-term shareholder returns and achieve our vision to become a high-performing, relationship-driven, community-focused bank," concluded Mhatre.

ABOUT BERKSHIRE HILLS BANCORP
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank that delivers industry-leading financial expertise to clients in New England and New York. With $12.1 billion in assets and 96 financial centers, Berkshire is headquartered in Boston and provides a full suite of tailored banking solutions through its Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management divisions. For more than 175 years, the Bank has delivered strength, stability and trusted advice to empower the financial potential of its clients and communities. Newsweek named Berkshire one of the Most Trustworthy Companies in America and one of America's Best Regional Banks. To learn more about Berkshire Hills Bancorp visit ir.berkshirebank.com.

Investor Contact
Kevin Conn, Investor Relations
617.641.9206
KAConn@berkshirebank.com 

Media Contact:
Gary Levante, Corporate Communications
413.447.1737
communications@berkshirebank.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/berkshire-hills-bancorp-announces-results-of-annual-meeting-302148359.html

SOURCE Berkshire Hills Bancorp, Inc.

FAQ

What were the results of Berkshire Hills Bancorp's annual meeting held on May 16, 2024?

All three proposals were approved with at least 96% support, and all eleven director nominees were elected to serve a one-year term.

What percentage of shares were represented at Berkshire Hills Bancorp's 2024 annual meeting?

Approximately 91% of outstanding shares were represented.

Who was ratified as the independent registered public accounting firm for Berkshire Hills Bancorp in 2024?

Crowe LLP was ratified as the independent registered public accounting firm.

What was Berkshire Hills Bancorp's operating return on tangible common equity in 2023?

Berkshire Hills Bancorp achieved a 10% operating return on tangible common equity in 2023.

Did Berkshire Hills Bancorp increase dividends per share in 2023?

Yes, Berkshire Hills Bancorp increased annual dividends per share year-over-year in 2023.

Which directors retired from Berkshire Hills Bancorp in 2024?

Baye Adofo-Wilson and Michael Zaitzeff retired in 2024.