Berkshire Hills Bancorp Names David Rosato as Senior Executive Vice President, Chief Financial Officer

Rhea-AI Summary

Berkshire Hills Bancorp (NYSE: BHLB) has appointed David Rosato as Senior Executive Vice President and Chief Financial Officer, effective February 6, 2023. Rosato brings over 35 years of banking experience, having most recently served as CFO at People's United Financial, where he oversaw significant asset growth from $14 billion to over $65 billion. CEO Nitin Mhatre expressed confidence in Rosato's ability to enhance shareholder value and support the company's strategic transformation. Long-time finance leader Brett Brbovic will continue on as Chief Accounting Officer. Berkshire Hills Bancorp aims to position itself as a top socially responsible community bank.

Positive

• David Rosato brings over 35 years of banking experience, enhancing leadership strength.
• Rosato's previous role as CFO at People's United Financial saw substantial asset growth from $14 billion to over $65 billion.
• The appointment of Rosato aligns with Berkshire's strategic transformation goals, potentially increasing shareholder value.

Negative

• None.

BOSTON, Jan. 25, 2023 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a leading socially responsible community bank with financial centers in New England and New York, announced that David Rosato, an accomplished banking executive who served most recently as Chief Financial Officer of People's United Financial, Inc., and prior to that as Treasurer at Webster Financial Corporation, will join Berkshire on February 6, 2023 as SEVP, Chief Financial Officer.

"We're pleased to welcome Mr. Rosato to the Berkshire team as Chief Financial Officer. He's a well-respected seasoned executive leader with exceptional business and financial acumen that will further bolster and accelerate Berkshire's Exciting Strategic Transformation (BEST) program," stated Berkshire CEO Nitin Mhatre. "Mr. Rosato's proven track record of successfully driving profitable growth while creating long-term, sustainable value for shareholders combined with Berkshire's differentiated brand positioning and purpose-driven offerings will further support us on our journey towards becoming a high-performing, leading socially responsible community bank," added Mhatre.

In his role as Senior Executive Vice President and Chief Financial Officer, Mr. Rosato will serve as the company's top financial leader. He will work closely with Senior Management to meet the organization's short and long-term objectives, regulatory requirements and evaluate current and future operating performance to enhance shareholder value, maintain and improve financial flexibility, and enhance Berkshire's overall financial position. He will report directly to CEO Nitin Mhatre.

CEO Mhatre added, "In addition to welcoming Mr. Rosato, I want to thank long-time Berkshire veteran Brett Brbovic for his leadership of the finance team during the transition. Brett will continue to serve as Chief Accounting Officer, a position he has held since 2015."

"I'm honored to join Berkshire and work alongside its talented employees to create long-term shareholder value and deliver profitable growth. Few institutions have such a long and respected history as Berkshire does helping their employees, customers, shareholders and communities reach their full potential. I look forward to collaborating with the entire team to create a best in class, leading socially responsible community bank," stated Mr. Rosato.

About David Rosato
Mr. Rosato is a seasoned Chief Financial Officer and banking executive who brings over 35 years' experience driving profitable growth within regional financial institutions. He spent the last 15 years with People's United Financial, Inc., eight of which as Chief Financial Officer where he worked regularly with the board, CEO and executive management team to plan and execute strategies to drive long-term shareholder value. During his time at People's United the Company grew from $14 billion to over $65 billion in assets. Prior to joining People's United, Mr. Rosato worked at Webster Financial Corporation, including serving as its Treasurer, and M&T Bank Corporation. He holds an M.B.A. with a concentration in finance and a B.S. in Business and Economics from the University of Maryland and is also a Chartered Financial Analyst. Mr. Rosato is a former board member of the Federal Home Loan Bank of Boston and currently serves as a NASDAQ Exchange Board member.

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.

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

Media Contact:
Gary Levante, SVP, Corporate Responsibility & Communications
Email: glevante@berkshirebank.com 
Tel: (413) 447-1737

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SOURCE Berkshire Hills Bancorp, Inc.

FAQ

When is David Rosato starting at Berkshire Hills Bancorp?

David Rosato will join Berkshire Hills Bancorp as CFO on February 6, 2023.

What positions did David Rosato hold prior to joining Berkshire Hills Bancorp?

David Rosato was the Chief Financial Officer of People's United Financial and previously served as Treasurer at Webster Financial Corporation.

What is the primary goal of Berkshire Hills Bancorp's strategic transformation?

The primary goal is to enhance shareholder value and become a leading socially responsible community bank.

Who will continue to lead the finance team after Rosato's appointment?

Brett Brbovic will continue to serve as Chief Accounting Officer after David Rosato's appointment.