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.
This page provides a historical and transitional news feed for Berkshire Hills Bancorp, Inc. under the former NYSE symbol BHLB, as well as context for its evolution into Beacon Financial Corporation. Company press releases and SEC-related announcements show that Berkshire Hills Bancorp functioned as the parent of Berkshire Bank, a community-focused bank with assets in the billions and dozens of financial centers in New England and New York, offering commercial, retail, wealth and private banking solutions.
News items for BHLB include quarterly earnings releases detailing net interest income, net interest margin, operating earnings per share, efficiency ratios, loan and deposit trends, and asset quality metrics. These releases also highlight management commentary on transformation programs, branch network sales and consolidations, loan portfolio sales, and community-focused initiatives. Regular dividend announcements, including quarterly cash dividends declared by the Board of Directors, form another recurring category of news.
A major theme in later BHLB news is the merger of equals with Brookline Bancorp, Inc. Press releases and Form 8-K filings describe the announcement of the merger agreement, the receipt of regulatory approvals from banking regulators, and the anticipated and then completed closing of the transaction. Subsequent disclosures confirm the change of the holding company’s name to Beacon Financial Corporation and the change of its New York Stock Exchange ticker from BHLB to BBT, as well as the consolidation of Berkshire Bank, Bank Rhode Island and PCSB Bank into Brookline Bank under the Beacon Bank & Trust name.
By reviewing the news associated with BHLB, readers can follow the company’s financial performance, dividend history, strategic initiatives and the steps leading to its transformation into Beacon Financial Corporation. For ongoing updates after the merger and ticker change, investors should refer to news released under the Beacon Financial Corporation name and BBT symbol.
Berkshire Hills Bancorp (NYSE: BHLB) announced a cash dividend of $0.12 per share for common stockholders, effective for shareholders on record by September 22, 2020, with payment on September 30, 2020. The preferred stock dividend is set at $0.24 per share. Due to the impact of COVID-19, both dividends are reduced by 50%. Acting CEO Sean Gray stated that this decision aligns them with industry peers and preserves capital for future distribution increases as conditions improve.
Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Richard M. Marotta as President and CEO to pursue new opportunities, effective Aug. 10, 2020. The Board appointed Sean A. Gray, the current Senior Executive Vice President, as Acting President and CEO. A search for a permanent CEO will commence, with Gray as a candidate. Marotta’s tenure saw the bank's assets double to $13.1 billion, and he implemented significant community-focused initiatives. The leadership transition aims to leverage Gray's deep knowledge of the bank and maintain its commitment to corporate responsibility.
Berkshire Hills Bancorp reported a second quarter net loss of $549 million, or $10.93 per share, mainly due to a $554 million non-cash goodwill impairment charge and a $30 million provision for credit losses related to COVID-19 impacts. Despite these charges, the company maintained strong liquidity and regulatory capital ratios, with total deposits increasing by $704 million to $10.8 billion. Core earnings showed a loss of $6 million, and the bank's loans to deposits ratio improved to 87%. The bank's ongoing transformation into a community-focused institution remains a priority.
Berkshire Hills Bancorp (NYSE: BHLB) will announce its Q2 2020 earnings on July 29, 2020, after market close. A conference call to discuss the financial results and provide future guidance is scheduled for July 30, 2020, at 10:00 a.m. ET. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp operates 130 banking offices across seven Northeastern states, holding approximately $13.1 billion in assets. This earnings release may influence investor sentiment regarding the bank's performance.
Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.24 per common share for shareholders of record on June 29, 2020, payable on July 6, 2020. Additionally, a cash dividend of $0.48 per preferred share was approved for the same dates. Headquartered in Boston, the company manages approximately $13.2 billion in assets and operates 130 banking offices across seven Northeastern states. The bank focuses on community-driven performance and offers a range of financial services.