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) has elected Nina A. Charnley to its Board of Directors, effective December 16, 2021. Charnley brings over three decades of experience in financial services and digital transformation, previously serving as Senior Managing Director at TIAA. Her appointment aims to bolster the Board’s governance, particularly in support of the Berkshire's Exciting Strategic Transformation plan. She will serve on key committees focused on Compensation, Compliance & Regulatory and Corporate Responsibility & Culture.
Berkshire Hills Bancorp (NYSE: BHLB) announced the launch of its new Socially Responsible Investment (SRI) Portfolios through Berkshire Wealth Management. These portfolios focus on aligning investments with positive environmental and social outcomes, catering to diverse clients without requiring minimum asset thresholds. The initiative aims to enhance the bank's commitment to ESG factors while responding to growing interest in sustainable investments, which saw a 42% rise in global assets from 2018 to 2020. This aligns with Berkshire's vision of being a leading socially responsible community bank.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) announced a quarterly cash dividend of $0.12 per common share for shareholders of record at the close of business on November 11, 2021. This dividend is payable on November 24, 2021. The decision reflects the company's ongoing commitment to return value to its shareholders. Berkshire Hills Bancorp operates approximately $11.8 billion in assets and is focused on being a socially responsible community bank.
Berkshire Hills Bancorp (BHLB) reported Q3 2021 earnings per share (EPS) of $1.31, a 212% increase from $0.42 in Q3 2020, primarily due to a $52 million net gain from the sale of insurance and specific branch operations. Adjusted EPS remained stable at $0.53. The bank also noted a $4 million benefit to credit loss provisions. Total assets decreased by 3% to $11.8 billion, with loans down 5% to $6.84 billion. The net interest income dropped by 7% year-over-year, and non-interest expenses fell by 5% to $69.5 million, while total deposits rose by 5% to $10.4 billion.
Berkshire Hills Bancorp (NYSE: BHLB) has partnered with Upstart (NASDAQ: UPST), an AI lending platform, to enhance consumer lending options. This collaboration aims to provide a seamless digital experience and improve access to affordable credit, leveraging Upstart's technology for better risk assessments. The partnership is part of Berkshire's strategic transformation plan initiated in August 2021. With this alliance, Berkshire expects to boost its consumer loan portfolio and deliver more inclusive lending options, ultimately enhancing customer experience.
Berkshire Hills Bancorp (NYSE: BHLB) announced the hiring of Marissa Ames and Lynne Singletary to its 44 Business Capital team. This move aligns with the company's BEST strategic transformation initiative aimed at enhancing support for businesses and entrepreneurs. Both new hires bring extensive experience in SBA lending, with Ames having 21 years in the field and Singletary over 27 years. This expansion is designed to strengthen client relationships and improve lending expertise.
Berkshire Hills Bancorp (NYSE: BHLB) has announced the addition of two experienced wealth management professionals, Karen Heston and Stephen Crowley, to enhance its Wealth Management team. Heston, with over 25 years in investment management, will co-manage fixed-income investments and focus on empowering women in financial decisions. Crowley, also with 25 years of experience, will develop solutions for non-profit and socially responsible investments. This strategic move aims to strengthen client relations and community impact through specialized expertise.
Berkshire Hills Bancorp (NYSE: BHLB) will release its third quarter earnings on October 21, 2021, before the market opens. An investor presentation will be available on their website. Following the earnings release, a conference call will be held at 10:00 a.m. ET to discuss the results and provide future guidance. Participants can pre-register for the call using a provided link. Berkshire Hills Bancorp, headquartered in Boston, has approximately $11.7 billion in assets and operates 107 branches across New England and New York.
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Berkshire Hills Bancorp (NYSE: BHLB) announced the hiring of Lucia Bellomia as EVP, Head of Retail Banking, effective September 13, 2021. Bellomia, who has over 20 years in financial services, previously worked as Executive SVP for Bank of America. In her new role, she will oversee the retail branch network and improve customer experiences as part of the company's BEST plan. CEO Nitin Mhatre praised her strong leadership skills and community commitment, emphasizing her value-driven approach to banking.