Key Developments: Berkshire Hills Bancorp Inc (BHLB.N)
26.89USD
22 May 2013
$-0.61 (-2.22%)
$27.50
$27.53
$27.84
$26.82
29,602
29,488
$27.84
$20.18
Latest Key Developments (Source: Significant Developments)
Berkshire Hills Bancorp Inc Announces Dividend
Berkshire Hills Bancorp Inc announced that the Board of Directors to declare a cash dividend of $0.18 per share to shareholders of record at the close of business on May 16, 2013, payable on May 30, 2013. Full Article
Berkshire Hills Bancorp Inc Declares Dividend
Berkshire Hills Bancorp Inc announced that Board of Directors declared a cash dividend of $0.18 per share to shareholders of record at the close of business on February 14, 2013, payable on February 28, 2013. The dividend was increased in the prior quarter by 6% from the previous $0.17 per share level. Full Article
Berkshire Hills Bancorp Inc Announces Board Change
Berkshire Hills Bancorp Inc announced that President and CEO Michael P. Daly has been elected Chairman of the Board of Directors effective on January 1, 2013. The Board has also elected current Chairman Lawrence A. Bossidy to the new position of Lead Independent Director effective on the same day. Full Article
Berkshire Hills Bancorp Inc Completes Acquisition Of Beacon Federal Bancorp, Inc.
Berkshire Hills Bancorp Inc announced that it has completed acquisition of Beacon Federal Bancorp, Inc., a nearly $1.0 billion bank with seven offices headquartered in East Syracuse, New York. Beacon Federal has been merged into Berkshire Bank. The total common stock consideration paid by Berkshire will include approximately $60 million in cash and 2.7 million shares of BHLB common stock. A cash/stock election among Beacon shareholders will be concluded as of 5:00 p.m. October 19. The cash consideration for the Beacon closing was primarily financed with proceeds from $75 million in subordinated debt which was invested in Berkshire by institutional investors on September 28, 2012. Full Article
Berkshire Hills Bancorp Inc Completes $75 Million Subordinated Debt Subscription And Reports On Recent Progress
Berkshire Hills Bancorp Inc announced that it has entered into a subscription agreement for a private placement of $75 million aggregate principal amount of fifteen year Fixed-to-Floating Rate Subordinated Notes due 2027. The offering is expected to close on September 28, 2012. The notes bear interest at a fixed rate of 6.875% for the first ten years. The notes convert to a variable rate of interest in the final five years and are redeemable by Berkshire during that period. Berkshire expects to utilize the majority of the net proceeds from this offering for the cash consideration portion of the pending merger with Beacon Federal Bancorp, and to use the remaining net proceeds for other corporate purposes. The notes qualify as Tier 2 capital under federal rules for bank holding company regulatory capital. U.S. Bancorp Investments, Inc. acted as Sole Lead Placement Agent for this offering. U.S. Bank National Association will serve as Issuing and Paying Agent. Full Article
Berkshire Hills Bancorp, Inc. Declares Dividend
Berkshire Hills Bancorp, Inc. announced that the Board of Directors to declare a cash dividend of $0.17 per share to shareholders of record at the close of business on August 9, 2012, payable on August 23, 2012. Full Article
Berkshire Hills Bancorp, Inc. To Acquire Beacon Federal Bancorp
Berkshire Hills Bancorp, Inc. announced that they have signed a definitive merger agreement under which Berkshire will acquire Beacon in a transaction valued at approximately $132 million. Under the agreement, Beacon's subsidiary bank, Beacon Federal, will be merged into Berkshire Bank. Under the terms of the merger agreement, 50% of the outstanding Beacon shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.92 shares for each Beacon share, while the remaining 50% of Beacon shares will be exchanged for cash in the amount of $20.50 per share. The transaction is valued at $20.35 per Beacon share, based on the $21.96Berkshire closing stock price on May 30, 2012. This represents 111% of Beacon's tangible book value per share and a 3.4% premium to core deposits based on financial information for the period ended March 31, 2012. Full Article
Berkshire Hills Bancorp, Inc. Declares Dividend
Berkshire Hills Bancorp, Inc. announced that its Board of Directors voted to declare a cash dividend of $0.17 per share to shareholders of record at the close of business on May 10, 2012, payable on May 24, 2012. Full Article
Berkshire Hills Bancorp, Inc. Completes Acquisition Of CBT
Berkshire Hills Bancorp, Inc. announced that it has completed its acquisition of CBT – The Connecticut Bank and Trust Company, a $280 million bank with eight banking offices serving the Greater Hartford area. Berkshire Hills is the parent of Berkshire Bank. CBT has been merged into Berkshire Bank, and the Connecticut offices will operate under the name "Berkshire Bank – CBT Region". The total consideration paid by Berkshire includes approximately $9 million in cash and 965,000 shares of BHLB common stock. A cash/stock election among CBT shareholders was concluded on April 18, and Berkshire will report election results and the distribution of consideration on April 25. In accordance with the merger agreement, Berkshire Bank has completed a transaction with the U.S. Treasury to purchase and retire the preferred stock and warrant that had been previously issued to the Treasury by CBT. Full Article
Berkshire Hills Bancorp, Inc. Declares Dividend
Berkshire Hills Bancorp, Inc. announced that it has declared a cash dividend of $0.17 per share to shareholders of record at the close of business on February 16, 2012, payable on March 1, 2012. Full Article
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