Bailout Bank Bio: Berkshire Hills Bancorp

May 12, 2009 | 2 min read | Print Article

Update

The company recently announced that it had re-purchased its preferred stock from the Treasury Department. Berkshire Hills paid $40 million to reclaim the stock.

Updated 6-5-09

Berkshire Hills Bancorp, Inc. (Berkshire Hills) is the holding company for Berkshire Bank. The Bank is headquartered in Pittsfield, Massachusetts, and operates 38 full-service banking offices serving communities throughout Western Massachusetts, Northeastern New York and in Southern Vermont. The Bank operates in four regions: The Berkshire County Region, with 11 offices in Berkshire County, the Pioneer Valley region with 10 offices along the Connecticut River valley north and west of Springfield in Massachusetts, the New York region with 10 offices serving Albany and the surrounding area in Northeastern New York, and the Vermont region with seven offices serving Southern Vermont.

On December 19, 2008 the company announced it would participate in the Treasury Department’s Capital Purchase Program. Under the program Berkshire Hills received $40 million from Treasury in exchange for preferred stock. On May 27, 2009, the company returned the funds in full.

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Bailout Bank Bio: Berkshire Hills Bancorp


Federal Equity Investment	$40 million
Total Revenue	$160.3 million (2007) $164.8 million (2008)
Net Income	$13.5 million (2007) $22.2 million (2008)
Number of Employees	560
Corporate Headquarters	Pittsfield, Massachusetts
Business Sector	Bank
Officers and Directors	Michael P. Daly, President, Chief Executive Officer, Director Other Officers and Directors
Corporate Website	https://www.berkshirebank.com/
Executive Compensation	Berkshire Hills