Welcome to our dedicated page for Berkshire Hills Bancorp news (Ticker: BHLB), a resource for investors and traders seeking the latest updates and insights on Berkshire Hills Bancorp stock.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, known as 'America's Most Exciting Bank®'. With approximately $12.4 billion in assets, Berkshire Bank operates 96 financial centers across New England and New York. Headquartered in Boston, the bank provides a comprehensive suite of financial services, including Commercial Banking, Retail Banking, Consumer Lending, Private Banking, and Wealth Management.
Founded over 175 years ago, Berkshire Bank has established itself as a relationship-driven, community-focused institution, delivering financial expertise to both personal and business clients. In recent years, the bank has continued to enhance its operational efficiency and customer service. For instance, Berkshire recently announced the planned sale of ten branches in upstate and eastern New York to streamline its footprint and invest further in core areas.
In terms of financial performance, Berkshire Hills Bancorp has shown resilience despite industry challenges. For the fourth quarter of 2023, the bank reported an operating earnings of $20.2 million, achieving a steady full year net interest margin of 3.27%. The company also authorized a $40 million share repurchase program, aiming to balance capital return and growth.
Berkshire Bank is recognized for its commitment to corporate responsibility and sustainability. It has been named one of America's Most Trustworthy Companies and one of America's Best Regional Banks by Newsweek. The bank's strategic efforts are led by CEO Nitin Mhatre, who emphasizes balance sheet strength, credit performance, and operational discipline as key pillars for sustainable growth.
Financial highlights and other updates, such as earnings releases and conference calls, are regularly communicated to investors. Most recently, the bank announced its earnings for the first quarter of 2024, showing operational earnings growth and continued strong asset quality.
For more information on Berkshire Hills Bancorp, including investor relations and latest news, visit their website.
Berkshire Hills Bancorp (BHLB) has appointed Ellen Steinfeld as Executive Vice President and Head of Consumer Lending and Payments. CEO Nitin Mhatre highlighted her expertise in change management, aligning with Berkshire's Exciting Strategic Transformation (BEST) plan. Steinfeld, with extensive experience in mortgage banking, will oversee all mortgage banking sales, home equity, and consumer lending. She previously held leadership roles at TIAA-CREF and other financial institutions. Berkshire Bank is focused on enhancing its mortgage and consumer lending products across New England and Eastern New York.
Berkshire Hills Bancorp (NYSE: BHLB) has appointed Jeffrey Klaus as SVP, Regional President & Middle Market Team Leader for Southern Connecticut. Klaus brings over 30 years of experience in Connecticut's banking sector. This strategic hire is part of the Bank's Exciting Strategic Transformation (BEST) aimed at driving organic growth. CEO Nitin Mhatre emphasizes Klaus's local ties and industry knowledge as assets in expanding Berkshire's brand. Berkshire Bank, with approximately $11.7 billion in assets, aims to enhance community impact and customer experience.
Investors Bancorp, Inc. (NASDAQ: ISBC) announced the completion of its acquisition of eight branches of Berkshire Bank in New Jersey and eastern Pennsylvania on August 27, 2021. The deal includes approximately $630 million in deposits and $220 million in loans. Investors Bank also extinguished $600 million of FHLB borrowings at an average rate of 2.13%, incurring around $10 million in pre-tax costs. This strategic acquisition aims to expand market presence and operational capabilities.
Berkshire Hills Bancorp (NYSE: BHLB) announced the retirement of Board Chairperson J. Williar Dunlaevy effective September 22, 2021, as part of a pre-established succession plan. David M. Brunelle, currently Vice Chairperson, will succeed him. The Board also welcomed Jeffrey W. Kip, CEO of Angi International, to fill the vacancy left by Dunlaevy's retirement, appointing him as an Audit Committee Financial Expert. The leadership transition is aimed at strengthening governance and enhancing the company’s strategic transformation plan, with a strong focus on community commitment.
Berkshire Hills Bancorp (NYSE: BHLB) has entered a definitive agreement to sell its subsidiary Berkshire Insurance Group (BIG) to Brown & Brown (NYSE: BRO) of Massachusetts. This transaction is part of Berkshire's strategic transformation plan aimed at simplifying operations and reallocating resources. The deal is expected to close in Q3 2021, with a projected net gain of $0.55 per share on a GAAP basis. However, Berkshire anticipates a decrease of $0.02 in earnings per share for the second half of 2021 due to this sale.
Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.12 per common share for shareholders of record by August 26, 2021, payable on September 9, 2021. This reflects the company's commitment to returning value to its investors. Berkshire Hills, headquartered in Boston, manages $12.3 billion in assets and operates 115 banking offices across New England and New York, focusing on socially responsible banking to empower local communities.
Investors Bancorp announced that the FDIC has approved its acquisition of eight branches from Berkshire Bank, a subsidiary of Berkshire Hills Bancorp. The transaction includes the acquisition of approximately $633 million in deposits and $253 million in loans. This acquisition is expected to finalize on August 27, 2021, pending customary closing conditions. With this acquisition, Investors Bank aims to strengthen its market presence in New Jersey and eastern Pennsylvania.
Berkshire Hills Bancorp (BHLB) reported a strong second quarter in 2021, with earnings per share of $0.43, a significant recovery from last year's loss and a 65% increase from the previous quarter. Adjusted EPS rose 38% to $0.44. Key highlights include a 27% growth in non-interest income, a substantial reduction in expenses, and no provision for credit losses. The bank returned $26.8 million to shareholders via stock repurchases and dividends, equating to 124% of GAAP net income for the quarter. CEO Nitin Mhatre emphasized improved credit performance and efficiency as part of their strategic transformation plan.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) will release its second quarter earnings on July 21, 2021, before the market opens. An investor presentation will be available on their website. A conference call/webcast is scheduled for 10:00 a.m. ET the same day to discuss the quarterly results and future guidance. Interested investors can pre-register for the call or dial in at the scheduled time. Berkshire Hills Bancorp, headquartered in Boston, has $12.8 billion in assets and operates 118 branches mainly in New England and New York.
Berkshire Hills Bancorp (BHLB) has announced a quarterly cash dividend of $0.12 per common share. Shareholders on record as of June 29, 2021, will receive this payment on July 8, 2021. Berkshire Hills Bancorp, headquartered in Boston, has total assets of $12.8 billion and operates 118 banking offices mainly in New England and New York, focusing on socially responsible and community-centered banking.
FAQ
What is the current stock price of Berkshire Hills Bancorp (BHLB)?
What is the market cap of Berkshire Hills Bancorp (BHLB)?
What services does Berkshire Hills Bancorp offer?
Where is Berkshire Hills Bancorp headquartered?
How many branches does Berkshire Bank operate?
What recent changes has Berkshire Hills Bancorp announced?
Who is the CEO of Berkshire Hills Bancorp?
What are the latest financial highlights of Berkshire Hills Bancorp?
How does Berkshire Hills Bancorp contribute to corporate responsibility?
What is the market symbol for Berkshire Hills Bancorp?
How can investors get in touch with Berkshire Hills Bancorp?
What recent strategic initiatives has Berkshire Hills Bancorp undertaken?
